Editorial: Single-digit inflation forecast manifests before timeline

True to predictions by managers of the economy, year on year Inflation for September dropped significantly to 9.4 percent from 11.5 percent in August – making it the first time in four years inflation has declined to a single digit.

Indeed, data published by the Ghana Statistical Service show a sustained shift in prices that signals Ghana is firmly on the path to macroeconomic stability.

Government Statistician Dr. Alhassan Iddrisu said this development shows that the pressures driving inflation over the past months are declining. Food inflation declined to 11.0 percent in September from 14.8% in August.

According to the Ghana Statistical Service, this slowdown was largely driven by easing in food prices, with food inflation falling to 11% in September from 14.8% the previous month.

This sustained decline means inflation has already beaten government’s full-year target, offering relief to households and businesses that have endured prolonged price pressures. The last time Ghana enjoyed single-digit inflation was in August 2021.

Bank of Ghana (BoG) has revealed that it expects Ghana to record single-digit inflation before the end of 2025. This projection is anchored on current monetary tightening, fiscal consolidation and improved food supplies, which have accelerated the pace of disinflation.

Director of Research at the central bank, Dr. Philip Abradu-Otoo, disclosed that the economy has seen rapid disinflation over the past months “and we expect that to be sustained going forward”.

Truly, the macroeconomic environment is far more stable than in the turbulent years of 2022–2023. At its peak in early 2023 inflation soared past 50%, making life unbearably expensive for many.

The Bank of Ghana’s (BoG) promise that inflation would reach single digits by the end of 2025 not only offered hope – achieving single-digit inflation is not just about technical numbers, it’s also about restoring economic confidence and ensuring every Ghanaian feels the benefits.

The Monetary Policy Committee also cut its key lending rate by 350 basis points to 21.5%. Food inflation declined to 11.0 percent in September from 14.8% in August 2025. Also, non-food inflation fell to 8.2 percent in September 2025 from 8.7 percent for August 2025.

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