Ghana inflation continues to ease in July as food prices fall

Ghana’s inflation is easing again. Consumer prices rose 4.6% in July, down from 5.3% in June, the first monthly decline since March.

The statistics service says slower food inflation helped drive the drop. It also says most inflation in Ghana comes from local goods and services, meaning transport and energy costs remain important.

Inflation was 12.1% a year ago, showing how sharply price growth has slowed.

Ghana, a major producer of gold, oil and cocoa, is still working its way out of one of its worst economic crises in decades.

The finance ministry says its main economic targets remain unchanged, and that the recovery is still on track.

Ghana's economy has been on a recovery trend since an IMF program in 2023. It came after the country defaulted on its debt in 2022, as the COVID-19 pandemic and effects of the war in Ukraine hamstrung the economy.

The country returned to the local bond market in April, launching a 7-year cedi-denominated treasury bond to support the 2026 budget.