Ghana’s annual consumer inflation rate decreased for the third consecutive month, falling to 22.4% in March from 23.1% in February, as reported by the statistics agency on Wednesday. This decline is attributed to a reduction in food price pressures.
The central bank of Ghana is likely to view this easing of inflation favorably, especially after it unexpectedly raised interest rates by 100 basis points to 28% last week, emphasizing the necessity of a stringent monetary policy to combat inflation.
Government statistician Samuel Kobina Annim stated at a press conference, “The current rate of 22.4% is the lowest we have seen in the past four months.” He added, “In March 2025, we observed a significant decrease in food inflation alongside a slight reduction in non-food inflation.”
Central bank governor Johnson Asiama has cautioned that consumer inflation in the West African nation, which is a producer of gold, oil, and cocoa, remains “uncomfortably high,” exceeding the target of 8% with a permissible margin of 2 percentage points.
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During his budget address in March, Finance Minister Cassiel Ato Forson indicated that substantial spending cuts would enable Ghana to reduce inflation to 11.9% by the year’s end.
