Ghana Records Lowest Inflation in Three Decades at 3.2% in March 2026

Accra, April 1, – Ghana’s consumer price inflation eased for the 15th consecutive month in March 2026, recording a year-on-year rate of 3.2 per cent, the Ghana Statistical Service (GSS) reported on Wednesday.

The Consumer Price Index (CPI) rose to 264.8 from 252.6 in January 2025, marking the lowest inflation rate since August 1999 and the lowest recorded since the 2021 CPI rebasing.

“This shows a steady and sustained movement towards stability,” said Dr Alhassan Iddrisu, Government Statistician, during a virtual press briefing. Despite the overall decline, prices edged up 0.1 per cent month-on-month from February to March, reflecting contained near-term price pressures.

Dr Iddrisu attributed the 15-month decline to exchange rate stabilization following debt restructuring, tighter fiscal and monetary policies, and normalisation of global commodity prices.

Among CPI components, food and non-alcoholic beverages, which carry a weight of 42.7 per cent, recorded 2.3 per cent year-on-year inflation, down slightly from February, providing relief for households. Non-food inflation eased to 3.9 per cent year-on-year but remained higher than food inflation, driven by services and utilities.

While goods inflation slowed to 1.7 per cent, services inflation surged to 7.2 per cent, highlighting persistent structural pressures. Housing, water, electricity, gas, and fuels contributed most to inflation at 12.4 per cent, followed by education services at 8.1 per cent due to rising school fees.

Regional disparities persisted, with the North East Region recording the highest inflation at 8.6 per cent, while the Savannah Region experienced deflation of -4.6 per cent. Dr Iddrisu emphasized the need for targeted policies to address these inequalities.

He urged the government to maintain fiscal discipline, invest in storage, irrigation, and transport infrastructure, and called on businesses to strengthen local supply chains. Households were advised to budget carefully, monitor spending, and build savings buffers to strengthen financial resilience.

GHBUSS

1 April 2026