Accra, Ghana – Ghana’s consumer inflation continued its downward trend in October, marking the 10th consecutive month of decline. The Ghana Consumer Price Index (CPI) fell to 8.0% year-on-year, down from 9.4% in September, reaching its lowest level since June 2021, according to the country’s statistics service.

Government statistician Alhassan Iddrisu attributed the slowdown primarily to falling food prices, which have been a key driver of overall inflation. “Ghana’s disinflation process is firmly under way. Price stability is returning, and key drivers that once fuelled double-digit inflation are now losing momentum,” Iddrisu said during a press briefing.

Economic Recovery and Inflation Targets

The West African nation, known for its gold, oil, and cocoa production, is gradually emerging from one of the most severe economic crises in decades. The Bank of Ghana now targets an inflation rate of 8%, allowing a margin of error of ±2 percentage points.

In October, the International Monetary Fund (IMF) reached a staff-level agreement with Ghanaian authorities on the fifth review of its loan programme, reflecting ongoing international support for the country’s economic recovery efforts.

The steady decline in inflation signals a positive trend for Ghana’s economy, supporting price stability and investor confidence while easing the cost-of-living pressures for citizens.