Ghana’s annual consumer inflation eased to 4.6% in July from 5.3% in June, marking its first monthly decline since March, according to data released by the Ghana Statistical Service on Thursday.
Government Statistician Alhassan Iddrisu said the slowdown was largely driven by weaker food inflation.
The statistics agency said more than 86% of inflation in Ghana was linked to domestically produced goods and services, making local costs such as transport and energy major drivers of price movements.
Inflation stood at 12.1% in July 2025, meaning the pace of annual price increases has fallen by more than half over the past year.
“In the space of 12 months, the speed at which prices are rising has fallen by more than half,” Iddrisu told reporters.
Ghana, a major producer of gold, oil and cocoa, has been recovering from one of its most severe economic crises in decades.
The finance ministry maintained its main economic targets during a mid-year budget review in July, saying the country’s recovery remained on track.
The Bank of Ghana also kept its benchmark interest rate unchanged for a second consecutive meeting in July, warning that continued vigilance was necessary to prevent inflation from rising above its target range of 6% to 10%.