Ghana’s inflation rate has dropped sharply to 3.8 percent in January 2026, marking the country’s lowest inflation level in nearly three decades and the lowest since the consumer price index was rebased in 2021.

Speaking at a press conference on Wednesday, Ghana’s Statistician-General, Alhassan Iddrisu, said headline inflation declined from 5.4 percent in December 2025 to 3.8 percent in January, a 1.6 percentage-point drop driven by easing price pressures in both food and non-food categories.

According to Iddrisu, food inflation slowed to 3.9 percent from 4.9 percent, reflecting lower prices across key food items, while non-food inflation also fell sharply to 3.9 percent from 5.8 percent in the previous month.

“This is the lowest inflation rate recorded since the rebasing of the consumer price index in 2021, and it marks an almost three-decade low,” Iddrisu said, adding that the trend “signals that Ghana is firmly on a path towards price stability.”

The latest figures cap a sustained disinflation trend that began after inflation peaked at 54.1 percent in December 2022. After closing 2023 at 23.2 percent, inflation remained elevated through most of 2024, ending that year at 23.8 percent, before declining steadily in 2025. In September 2025, inflation fell to 9.4 percent, the first single-digit reading since August 2021.

The current inflation rate now sits within the Bank of Ghana’s target range of 8 percent ± 2 percentage points, strengthening expectations of improved macroeconomic stability and potentially easing pressure on monetary policy as the economy stabilises.

Economists say the sharp decline reflects improved food supply conditions, tighter fiscal and monetary coordination, and stabilising currency dynamics, although they caution that sustaining low inflation will depend on continued policy discipline and external price stability.