Ghana’s consumer inflation has dropped for the ninth month in a row, reaching 9.4% year-on-year in September, down from 11.5% recorded in August.
Ghana Statistical Service says, this is the lowest inflation rate the country has seen since August 2021.
Explaining the reason, the Government Statistician, Alhassan Iddrisu at a briefing said the slowdown was largely due to reduced food prices, which eased faster than non-food items.
“This downward trend confirms a lasting adjustment in prices and shows Ghana is steadily advancing towards macroeconomic stability,” he said.
The West African nation, which is a major producer of gold, oil and cocoa, is slowly recovering from its worst economic downturn in decades.
Earlier this month, the Bank of Ghana slashed its benchmark interest rate by 350 basis points, the steepest cut in its history, bringing the rate down to 21.5%.
The central bank justified the move by pointing to the continued decline in inflation and an improving outlook.
Editing by Tijjani Ibrahim
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