Ghana’s inflation has slowed again, falling to 11.5% in August 2025 from 12.1% in July, the latest report from the Ghana Statistical Service (GSS) shows.

This marks the eighth month in a row that prices have eased, bringing inflation below the government’s year-end target of 11.9%. It’s also the lowest level since October 2021, a major turnaround considering inflation hit almost 24% in December 2024.

“On average, prices of goods and services rose by 11.5% between August 2024 and August 2025,” Government Statistician Dr. Alhassan Iddrisu said on Wednesday, September 3. “The pressures that had been driving inflation in recent months are clearly easing.”

Encouragingly, month-to-month prices actually fell by 1.3%, offering households a bit of breathing space after years of rising costs.

Food and Non-Food Prices Ease

Food inflation — long the biggest burden on consumers — dipped to 14.8% in August from 15.1% in July, with food prices falling by 2.5% in a single month.

Non-food inflation also slowed, dropping to 8.7% from 9.5%, with a small 0.1% fall in prices.

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Overall, goods inflation eased to 13.9% (from 14.2%), while locally produced items rose 12.2%, compared with just 9.5% for imports. Analysts point to a stronger cedi and falling global costs for the sharper decline in imported inflation.

Regional Picture

Inflation is cooling nationwide, but not evenly.

• Upper West Region recorded the highest rate at 21.8% (down from July’s 24.8%).
• Bono Region saw the lowest at 6.1%, showing how much regional differences in food supply, transport costs, and market access matter.

Why It Matters

From nearly 24% in December 2024 to 11.5% in August 2025, inflation has dropped by more than 12 percentage points in just eight months.

Officials say this is proof that Ghana’s economic stabilisation efforts are paying off.

For households, Dr. Iddrisu noted, the easing of prices gives people room to “save more and shop smarter.” Businesses, meanwhile, are being urged to use this window to invest and expand.

The GSS also stressed that government must lock in the gains through fiscal discipline and stronger local production, to avoid slipping back into high inflation.

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