Ghana economic data shows rising producer inflation and mineral export concentration

Ghana’s annual producer inflation rose to 4.8% in September 2026, up from 4.4% in August, according to the Ghana Statistical Service. This increase was primarily driven by the mining and manufacturing sectors, which together accounted for over 80% of the overall producer inflation. Within mining, crude oil and natural gas extraction saw an 18.3% price increase, while manufacturing saw significant rises in leather products (15.8%) and fabricated metal products (14.3%).

Despite these rising producer costs, the Bank of Ghana’s Director of Research, Dr. Philip Abradu-Otoo, noted that the national inflation rate of 5.2% remains in favorable territory within the country’s inflation-targeting framework. He distinguished Ghana’s performance from regional peers that utilize currency pegs to the euro.

Separately, the Institute of Statistical, Social and Economic Research (ISSER) reported that Ghana’s export earnings have become increasingly concentrated in minerals. While the nation saw a massive merchandise trade surplus of US$13.8 billion in 2025, gold export earnings surged from US$11.6 billion in 2024 to US$21.0 billion in 2025. This has increased the share of minerals in total exports to 68.2%, raising concerns regarding vulnerability to global commodity price fluctuations.