Ghana inflation rises to 5.2% amid high food and fuel costs

Ghana’s inflation rate rose to 5.2% in September 2026, marking a slight increase from 5.0% in August. While this remains significantly lower than the 9.4% recorded in September 2025, the upward trend highlights persistent domestic price pressures, particularly within the services sector, which saw inflation at 8.3%.

Food prices have experienced extreme volatility. Fresh tomatoes and ginger were primary drivers, with tomato prices surging by 153.4% and ginger by 100.4% year-on-year. Other notable increases included shrimps (62.8%) and mangoes (46.6%). Conversely, some staples saw price drops, such as maize (down 26.4%) and lime (down 29.9%).

Economic data also indicates a significant impact on Ghana’s trade position. The country’s trade surplus fell by 70.1% in the second quarter of 2026, dropping from GH¢46.1 billion to GH¢13.8 billion. This decline is largely attributed to a 47.5% increase in the total import bill, driven by rising international fuel prices. Diesel and super petrol imports accounted for a substantial portion of these costs.

The Ghana Statistical Service has noted that the trade surplus is currently supported by high export prices for commodities like gold rather than increased export volumes, leaving the economy vulnerable to global price fluctuations. Officials are calling for export diversification and improved local processing to build economic resilience.