Ghana has achieved a major economic milestone, recording a single-digit inflation rate for the first time in four years as researched by Accra Street Journal. According to data released by the Ghana Statistical Service (GSS) and observed by ASJ, inflation fell to 9.4 percent in September 2025, down from 11.5 percent in August, marking the continuation of a nine-month downward trend.
Government Statistician Dr. Alhassan Iddrisu, in a detailed interview on Channel One TV’s The Point of View, attributed the decline to improved price stability and effective coordination between fiscal and monetary policies. However, he warned that sustaining this progress will depend on Ghana’s ability to maintain fiscal discipline, boost local food production, and strengthen policy alignment across government agencies.
“We can actually do this by continuing to do what we are doing, which is keeping inflation down,” Dr. Iddrisu stated. “This will include maintaining public spending discipline, supporting local food production, and ensuring strong policy coordination.”
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A Return to Single-Digit Inflation
The September 2025 inflation rate marks a significant economic shift for Ghana, signaling growing control over price growth and consumer costs. For many households, this development offers cautious optimism after years of persistent double-digit inflation.
Food inflation—one of the primary drivers of overall price levels—fell sharply from 14.8 percent in August to 11 percent in September, reflecting better domestic food supply and improved agricultural output. Non-food inflation also edged lower to 8.2 percent, underscoring stability in transport, utilities, and housing costs.
Dr. Iddrisu noted that while these figures demonstrate progress, they should not be mistaken for price reductions.
“Even though we have an inflation rate of 9.4%, what we all need to understand is that prices are still rising, but at a much slower pace,” he explained. “This is not the time to relax at all.”
The Challenge of Sustaining Gains
The Government Statistician emphasized that maintaining single-digit inflation will be the real test of Ghana’s macroeconomic management. Historically, the country has struggled to sustain low inflation due to shocks in food supply, currency depreciation, and high public expenditure.
“Yes, we’ve brought it to single digits, but we shouldn’t relax at all. It is progress, but the goal now should be: how do we sustain this single-digit inflation? That is the most important question,” he said.
To sustain stability, Dr. Iddrisu underscored the importance of discipline in public spending, particularly in the lead-up to an election year, when fiscal pressures tend to increase. He also stressed that stronger domestic food production will be key to shielding the economy from global commodity price shocks and import dependency.
Policy Coordination and Long-Term Growth
Experts say the recent moderation in inflation reflects the combined effects of tight monetary policy by the Bank of Ghana, improved fiscal management, and easing pressures in global food and energy prices.
Dr. Iddrisu added that ongoing collaboration between the Finance Ministry, Bank of Ghana, and other policy institutions will be critical to consolidating gains and achieving lasting growth.
“This is how we can turn this stability into lasting growth and then real relief for households,” he concluded.
Economists agree that sustained inflation control could bolster investor confidence, stabilize the Ghanaian cedi, and ease the cost of borrowing for businesses. Lower inflation also improves purchasing power and reduces uncertainty for consumers and enterprises alike.
Outlook: A Delicate Balancing Act
While the latest data presents a positive outlook, analysts caution that Ghana’s inflation dynamics remain sensitive to food supply disruptions, global price movements, and fiscal spending patterns.
The Ghana Statistical Service’s next data release will be closely monitored by businesses, policymakers, and international partners seeking to gauge whether the September decline marks the start of a durable low-inflation era or a temporary reprieve.
As Dr. Iddrisu put it, Ghana’s journey toward sustained price stability has begun — but the path forward demands discipline, resilience, and consistent policy execution.
Conclusion From Accra Street Journal
The September 2025 inflation report signals a turning point for Ghana’s economy. With inflation dropping to 9.4%, the focus now shifts to preserving stability through prudent fiscal management and domestic production. As the nation navigates this new phase, policymakers face the delicate challenge of converting short-term success into long-term economic resilience.
Source: Accra Street Journal
Last Updated on March 9, 2026 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
