Ghana’s headline inflation eased sharply to 3.8% in January 2026, marking the lowest reading in almost 27 years and the 13th consecutive monthly decline since the 2021 rebasing of the Consumer Price Index.
The figure represents a 1.6 percentage-point drop from December 2025’s 5.4%, while year-on-year inflation fell dramatically from 23.5% in January 2025.
This level of disinflation is exceptionally rare in modern Ghanaian history. For context:
August 1999 recorded 1.4%
September 1999 recorded 4.4%
Both food and non-food inflation contributed to the broad-based easing:
Food inflation slowed to 3.9% (from 4.9%)
Non-food inflation dropped to 3.9% (from 5.8%)
Regionally, the picture remains mixed:
Savannah Region recorded the lowest at -2.6% (outright deflation)
North East Region posted the highest at 11.2%
The latest print comes shortly after the Bank of Ghana cut its policy rate by 250 basis points to 15.5%, aiming to lower borrowing costs and support economic activity.
The historic low strengthens the case for potential further rate cuts at upcoming Monetary Policy Committee meetings, though policymakers continue to monitor exchange rate pressures, global commodity trends, and fiscal risks.
The January 2026 reading signals a return to price stability not seen since the late 1990s, providing welcome relief for households, businesses and investors as the country shapes its economic strategy for the year ahead.
