Ghana’s inflation rate has eased to 9.4% in September 2025, marking its lowest level since August 2021, according to data from the Ghana Statistical Service (GSS).

The drop in inflation, largely driven by a decline in food prices and stable exchange rates, is seen as a significant boost to the government’s economic recovery strategy under President John Dramani Mahama.

This latest development aligns with the administration’s efforts to stabilize the economy following years of high inflation and currency depreciation.

The Bank of Ghana (BoG) responded to the positive trend by reducing its key policy rate by 350 basis points, bringing it down to 21.5%. The central bank says the move aims to encourage investment and ease borrowing for small and medium enterprises.

“The consistent decline in inflation shows that our fiscal and monetary policies are yielding results. We remain committed to sustaining economic stability,” a statement from the Ministry of Finance read.

Economic analysts predict that the Ghana inflation rate could remain between 6% and 10% through the final quarter of 2025 if global commodity prices and local food supplies remain stable.

The government’s economic management team has described the development as a “turning point” for Ghana’s post-IMF recovery plan, noting that it will help restore investor confidence and support job creation initiatives.

With inflation now below 10% for the first time in four years, experts believe Ghana is finally on track to achieve long-term price stability and growth momentum.