Ghana’s annual inflation rate accelerated for the second consecutive month in September, rising to 5.2% from 5.0% in August, as domestic price pressures, particularly in the services sector, continued to weigh on the West African economy.
The latest figures released by the Ghana Statistical Service (GSS) showed that inflation remained significantly below the 9.4% recorded in September 2025, despite the recent uptick. Month-on-month inflation stood at 1.1% in September.
Government Statistician Alhassan Iddrisu said non-food inflation was a key driver of the September increase. Non-food inflation stood at 6.2%, compared with 4.0% for food inflation, while services inflation reached 8.3%, nearly twice the 4.2% rate recorded for goods.
The data also pointed to the increasingly domestic nature of Ghana’s inflationary pressures. Locally produced goods and services recorded inflation of 6.4% and accounted for 85.7% of the overall inflation rate, compared with 2.4% for imported items.
Housing, water, electricity and gas recorded the highest inflation among spending categories at 10.3%, followed by insurance and financial services at 9.4% and restaurants and accommodation services at 9.2%.
Also, food prices showed renewed pressure, with fresh tomatoes recording a 153.4% year-on-year increase and ginger rising 100.4%. Prices of shrimps increased 62.8%, while lime and maize recorded annual declines of 29.9% and 26.4%, respectively.
Regionally, inflation varied significantly across Ghana, ranging from -0.5% in the Western Region to 9.8% in the Ashanti Region. Ashanti and Greater Accra together accounted for 56.6% of the national inflation rate.
The Bank of Ghana has kept its policy rate unchanged at 14% for three consecutive meetings, with policymakers expecting inflation to move back into the central bank’s 6%-10% target range over the coming quarters.
Despite the September increase, Ghana’s inflation rate has fallen by 4.2 percentage points over the past year, highlighting the substantial moderation in price pressures compared with 2025.
However, the latest figures underscore continuing challenges from domestic services costs, food prices and other locally driven pressures as Ghana seeks to consolidate its economic stabilization gains.
