Ghana inflation slows for 10th straight month in October

Consumer inflation in Ghana slowed for the 10th consecutive month, falling to 8.0% year on year in October from 9.4% in September – the lowest level since June 2021, the statistics service said on Wednesday.

Government statistician Alhassan Iddrisu told a press conference that food prices were driving the overall decline in inflation.

"Ghana's disinflation process is firmly under way. Price stability is returning, and key drivers that once fuelled double-digit inflation are now losing momentum," Iddrisu said.

The gold, oil and cocoa producing nation in West Africa is emerging from its most severe economic crisis in decades.

Ghana targets 8% inflation

Ghana's central bank now targets inflation of 8% with a margin of error of 2 percentage points either side.

The International Monetary Fund said in October it had reached a staff-level agreement with Ghana's authorities on the fifth review of its loan programme.