Ghana is likely to end 2025 with inflation in the single digits, according to a new report from Deloitte.
The West Africa Inflation report attributes this outlook to a consistent slowdown in price increases across key sectors, giving the Bank of Ghana (BoG) space to consider cutting interest rates—potentially starting with its July Monetary Policy Committee meeting.
Deloitte noted, “Ghana is likely to end 2025 with an inflation rate in single digits, below the BoG’s revised end-2025 target of 12%.”
The Ghana Statistical Service (GSS) reported a national inflation rate of 13.7% for June 2025. According to Government Statistician, Dr. Alhassan Iddrisu, this reflects a positive shift in Ghana’s inflation outlook.
“The downward inflationary trend over the last six months provides some consistency and assurance of a real, sustained shift in prices,” Dr. Iddrisu said at a press briefing in Accra on July 2, 2025.
He added that the drop was mainly due to slower increases in food prices and other essentials.
“For the first time in a while, the general price levels from May to June dropped, recording what we call a deflation of 1.2 percent,” he noted.
Regional disparities remain, however, with the Upper West region recording the highest inflation at 32.3%—largely driven by rising food and utility prices. The Bono region had the lowest at 8.4%.
With inflation pressures easing, analysts and policymakers are cautiously optimistic that Ghana may finally be turning the corner on price instability.
