Ghana’s inflation rate dropped to 12.1% in July, its lowest level in nearly four years, according to data from the Ghana Statistical Service (GSS). The figure, down from 13.7% in June, marks the seventh consecutive monthly decline, driven by easing food and non-food prices, a stable cedi, and lower import costs.

The July rate means that the prices of a fixed basket of goods and services tracked by the GSS have risen by 12.1% on average over the past year. Month-on-month inflation fell 0.7% between June and July 2025.

Food inflation slowed to 15.1% from 16.3% in June, while non-food inflation eased to 9.5% from 11.4%. The Upper West Region recorded the highest rate of inflation at 24.8%, compared to the Central Region’s 7.7%, the lowest in the country. Eleven regions posted rates above the national average.

The steady decline in inflation reflects continued currency stability and moderating commodity prices, with the cedi holding on to gains made in the first half of the year. The trend has been further supported by falling treasury bill rates and easing import costs.

The possibility for single digit inflation is on the horizon given the pace of disinflation. However, most of the benefits of the cedi appreciation is now reflected in the inflation figures, and the stability of the currency will now be key to maintaining the pace of disinflation.