• Ghana inflation slows to 3.3% in February 2026, 14th monthly decline
• CPI still rises, showing prices increasing but at slower pace
• Tight monetary policy and IMF programme helped curb inflation

Inflation in Ghana slowed to 3.3% year-on-year in February 2026, according to Consumer Price Index (CPI) data released by the Ghana Statistical Service and published by the Ministry of Finance. The figure marks the 14th consecutive monthly decline in inflation, following earlier levels of 23.2% in February 2024 and 23.1% in February 2025.

Despite the slowdown in inflation, Ghana’s CPI index rose to 264.4 in February 2026 from 255.9 in February 2025, indicating that prices continued to increase but at a slower pace.

In comparison, inflation in countries of the West African Economic and Monetary Union (WAEMU) has remained close to zero in recent months. Regional data indicate that inflation is expected to reach around 0.1% in February 2026, after -0.3% in January, reflecting relatively subdued price pressures in the CFA franc zone, where the currency is pegged to the euro, limiting exchange-rate volatility and imported inflation.

Ghana experienced a sharp surge in inflation during the economic crisis of 2022–2023, when consumer price growth reached 52.8% in February 2023, one of the highest levels recorded in the country in recent decades. The increase was driven by currency depreciation, rising import costs and broader macroeconomic imbalances that placed pressure on domestic prices.

Policy measures introduced after the crisis contributed to the subsequent decline in inflation. The Bank of Ghana raised its benchmark monetary policy rate to 30% in 2023, maintaining tight monetary conditions aimed at curbing liquidity and containing inflation expectations. Higher borrowing costs slowed credit growth and eased demand pressures.

Fiscal consolidation also played a role. The government implemented spending controls and revenue reforms under a macroeconomic stabilization programme supported by the International Monetary Fund, which approved a $3-billion Extended Credit Facility for Ghana in 2023 to restore debt sustainability, rebuild foreign exchange reserves and strengthen public finances.

After sharp depreciation during the crisis, the Ghanaian cedi stabilized against major currencies in 2025, reducing the cost of imported goods such as fuel, food and manufactured products that had previously been key drivers of consumer price increases.

By Cynthia Ebot Takang