Ghana Inflation at 3.8% in Jan 2026, Lowest Since 2021

Ghana’s inflation rate has fallen to 3.8 percent in January 2026, the lowest level recorded since the country rebased its Consumer Price Index in 2021. The Ghana Statistical Service announced the figure on Wednesday, confirming a decline of 1.6 percentage points from the 5.4 percent rate logged in December 2025.

This monthly easing of price pressures reflects continued progress in stabilising the economy of the West African cocoa producer. The primary driver of the decline was a reduction in food inflation, which decreased to 3.9 percent in January. Food and non-alcoholic beverages carry significant weight in Ghana’s inflation basket, making movements in this category particularly impactful on the overall index.

Government Statistician Alhassan Iddrisu stated the trend indicates sustained improvement. “The continued decline shows that Ghana is firmly on the path toward price stability,” he said during a press briefing in Accra. The January figure represents a significant moderation from the double-digit inflation rates that affected the nation in recent years, suggesting that monetary policy and other stabilisation measures are yielding results.

The data points to improved purchasing power for consumers and a more predictable economic environment for businesses. Lower inflation can also support the central bank’s ability to maintain accommodative monetary policy, potentially encouraging investment and growth. For a nation that has navigated recent fiscal challenges and international debt restructuring, consistent price stability is a critical benchmark for economic recovery.

In a regional context, Nigeria, West Africa’s largest economy, is scheduled to release its January 2026 consumer price index on February 16. Nigeria’s December 2025 inflation rate was reported at 15.15 percent, highlighting a stark divergence in inflationary experiences between the two neighbouring countries. While Ghana’s rate approaches the lower bound of its target range, Nigeria continues to grapple with persistently high price increases despite a recent downtick.

Ghana’s achievement of sub-four percent inflation marks a milestone in its post-rebasing history. The rebasing in 2021 updated the basket of goods and services to reflect current consumption patterns, making the current low rate a notable benchmark. Analysts will watch forthcoming months to assess whether this downward trajectory can be sustained amid external economic variables and domestic demand.

The next set of regional data, particularly from Nigeria, will offer further insight into the broader inflation dynamics across West Africa. For Ghana, the continued deceleration underscores the effectiveness of coordinated policy efforts aimed at fostering macroeconomic stability.