Ghana’s inflation rate edged higher to 3.4 percent year-on-year in April 2026, up from 3.2 percent recorded in March, marking the first increase since December 2024.
The figures were announced by Government Statistician, Alhassan Iddrisu, during a press briefing in Accra on Wednesday.
The latest data signals a potential shift in Ghana’s disinflation trend, with early signs of renewed price pressures emerging in the economy.
According to the Ghana Statistical Service, the uptick was largely driven by increases in non-food prices, even as food inflation showed slight moderation.
Food and non-alcoholic beverages inflation eased to 2.2 percent from 2.3 percent, while non-food inflation rose to 4.2 percent from 3.9 percent.
Analysts say the reversal, though modest, could influence upcoming monetary policy decisions by the Bank of Ghana, which has been on a rate-cutting cycle in recent months.
The central bank has reduced its policy rate for five consecutive meetings, bringing it down to 14 percent from 15.5 percent in January 2026, as inflation slowed significantly. However, policymakers have also cautioned that external risks, including geopolitical tensions, could trigger renewed inflationary pressures.
With the next Monetary Policy Committee meeting scheduled later in May, the latest inflation reading may prompt authorities to pause further rate cuts as they reassess price stability conditions.
Across the region, inflation dynamics remain mixed. In Nigeria, inflation continues to trend higher, reflecting persistent cost pressures.
Data from the National Bureau of Statistics shows that Nigeria’s headline inflation rose to 15.38 percent in March 2026, up from 15.06 percent in February. The increase was driven by stronger monthly price movements, despite a slower pace of food inflation.
Monthly inflation in Nigeria accelerated sharply to 4.18 percent from 2.01 percent, while core inflation climbed to 16.21 percent year-on-year, indicating sustained underlying pressures.
The Central Bank of Nigeria is set to hold its 305th Monetary Policy Committee meeting on May 19–20, 2026, where inflation and liquidity conditions are expected to dominate discussions.
The diverging inflation trends between Ghana and Nigeria highlight ongoing challenges in maintaining price stability across West Africa, even as central banks continue to balance growth and inflation concerns.
