Ghana Inflation Eases for Fifth Straight Month to 21.2% in April
TLDR
- Ghana’s inflation slowed to 21.2% in April 2025, its lowest level in eight months, as the strengthening of the cedi helped reduce the cost of imports
- The year-on-year inflation rate eased from 22.4% in March, marking the fifth consecutive month of disinflation
- The Ghanaian cedi has been one of the world’s best-performing currencies in 2025, strengthening against the dollar
Ghana’s inflation slowed to 21.2% in April 2025, its lowest level in eight months, as the strengthening of the cedi helped reduce the cost of imports, according to Government Statistician Alhassan Iddrisu.
The year-on-year inflation rate eased from 22.4% in March, marking the fifth consecutive month of disinflation. On a monthly basis, consumer prices rose by 0.8%. Both food and non-food categories contributed to the decline. Food inflation dropped to 25.0% from 26.5% in the previous month, while non-food inflation slowed to 17.9% from 18.7%.
The Ghanaian cedi has been one of the world’s best-performing currencies in 2025, strengthening against the dollar and helping to ease import-related price pressures in a country heavily reliant on foreign goods.
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Key Takeaways
Ghana’s monetary and currency policies are showing early signs of effectiveness. The cedi’s appreciation in 2025 has helped reduce inflationary pressure by lowering the cost of imported goods, especially food and fuel. This follows tight monetary policy implemented by the Bank of Ghana in late 2023 and 2024, which included aggressive interest rate hikes to stabilize prices. The moderation in both food and non-food inflation is a positive signal for consumers and businesses. It also offers the central bank room to consider easing rates if the trend continues, potentially stimulating credit and growth. However, risks remain, including potential currency volatility, global commodity price shifts, and fiscal slippages ahead of the 2026 election cycle. Ghana’s government aims to bring inflation within its medium-term target band of 6%–10%, though that remains a longer-term goal. The recent slowdown indicates progress but underscores the need for continued macroeconomic discipline to consolidate gains.
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