Ghana Records Sharp Drop in Inflation, Lowest Since 2021

West Africa WeeklyMarch 5, 20261 Mins read15

Ghana’s inflation rate dropped to 3.3 percent in February 2026, marking the lowest level recorded since the country rebased its Consumer Price Index in 2021. The new figures released by the Ghana Statistical Service show a continued decline in the cost of living after months of steady price stabilization.

The February rate represents a drop from 3.8 percent recorded in January and a dramatic fall from 23.1 percent in February 2025. The data confirms that inflation has now declined for fourteen consecutive months, signaling a strong turnaround in the country’s macroeconomic environment.

Economists say the easing inflation reflects tighter monetary policy, fiscal reforms, and improved economic stability after Ghana went through a severe financial crisis that triggered currency instability and soaring prices in previous years.

Food inflation recorded one of the biggest improvements. Prices for food and non-alcoholic beverages slowed significantly, dropping to 2.4 percent compared to 3.9 percent the previous month. Food items make up a large portion of the country’s inflation basket, meaning changes in food prices have a strong effect on the overall rate.

Imported goods also saw price stability, with inflation on imported products dropping sharply to just 0.6 percent. Locally produced goods recorded a slightly higher rate of about 4.5 percent.

Regional figures show disparities across the country. The Savannah Region recorded the lowest inflation level while the North East Region posted the highest rate.

Government officials say the downward trend reflects improvements in Ghana’s economic management, including fiscal consolidation and currency stabilization efforts.

The continued decline in inflation could influence monetary policy decisions in the coming months as authorities attempt to balance economic growth with price stability.