Ghana’s consumer price inflation has fallen to a single digit for the first time in four years.
In September 2025, Ghana’s inflation extended a nine-month streak of declines.
Ghana’s September 2025 inflation stands at 9.4% down from 11.5% in August.
The slowdown has been largely driven by a decline in food prices, according to the Ghana Statistical Service.
Also, Ghana’s food inflation has fallen from 14.8% to 11%.
Non-food inflation has also dropped from 8.7% in August to 8.2%.
The continuous drop in inflation has already beaten the government’s full-year target.
The continuous drop in inflation strengthens prospects for monetary policy stability, exchange rate resilience, and improved consumer confidence.
Meanwhile, the last time Ghana enjoyed single-digit inflation was in August 2021.
However, the World Bank has warned the John Mahama-led government not to rush back to the Eurobond market.
According to the World Bank, international investors will see Ghana’s quick return to the World Bank as an easy way out.
The Bank urged the Mahama administration to fix Ghana’s economy to strengthen the country’s fiscal and growth fundamentals, and to convince the private sector that public debt is sustainable.
The World Bank stated, “Importantly, the new administration [Mahama Administration] should also refrain from a hasty return to the Eurobond market, which international investors would interpret as taking the easy way out,” the report said. “Instead, the government should focus on strengthening the country’s fiscal and growth fundamentals and on convincing the private sector… that public debt is on a sustainable path.”
“Sudden macroeconomic stops and crises have led the country to request a record number of IMF programmes, remaining under active IMF programmes for 40 out of its 68 years of history,” the Bank observed.
However, President John Mahama has already echoed during his media encounter that he was not in favour of an early return to the capital market.
According to John Mahama, Ghana has survived without going to the capital markets.
President Mahama stated, “We have survived without going to the capital markets. We’ve survived without borrowing. … As the President, I would not favour a quick return to the international capital market. I think we should go like this for a while and consolidate the economy before we look at external financing.”