Consumer prices have fallen for the fourth month in a row, posting an 8-month low of 21.2% in April according to a release from the Ghana Statistical Service (GSS) today. The figures mean that the prices of a fixed basket of goods and services tracked by the GSS have increased by 21.2% on average over the last 12 months. Monthly inflation, the increase in prices between March and April 2025, was 0.8%.

Food inflation was 25%, still high despite dropping for the third consecutive month. Non-food inflation also dropped for the sixth consecutive month to record a rate of 17.9%. The Upper West led all regions with the highest rate of inflation – 37.1% compared to Volta region that recorded the lowest rate of 18.3%.

The reducing rate of inflation comes amidst a strong performance by the Ghana cedi, which has appreciated 10% against the US dollar from the start of the year. Treasury bill rates have also fallen from about 28% at the start of the year to about 15% at the last auction. The Bank of Ghana (BoG) has adopted an aggressive monetary policy stance, hiking the policy rate to 28% from 27%, much to the surprise of many analysts.

The recent drop in global oil prices and the strong cedi has contributed to a fall in domestic fuel prices, which is likely to reflect positively in the inflation data for May. However, a recent hike in utility prices is also likely to slow the pace of disinflation.