Despite overcoming the most serious crisis in decades, inflation is rising again in Ghana.

Written by: Ziad Abdel Fattah

Inflation rates in Ghana rose again last April, for the first time since December 2024, after the gold, oil and cocoa producing country began to emerge from the most serious economic crisis it has seen in decades.

The statistics agency announced in Ghana On Wednesday, the inflation rate rose for the first time since December 2024 to record 3.4% year-on-year in April, compared to 3.2% in March.

Government statistician Hassan Idrissou said the increase was mostly driven by services such as transportation, education, restaurants and accommodation.

Idrissou added: “Inflation is still generally slow, but we are starting to see a slight upward movement.”.

He noted that food inflation was lower in April compared to the same month last year.

Idrissu said that global shocks and regional turmoil have begun to push food and fuel prices higher again, but these pressures have not yet been fully reflected across all commodities.

Inflation reached 23% in Ghana in December 2024

Ghana has succeeded in reducing inflation rates from alarming levels exceeding 23% at the end of 2024 to levels below 5% recently, and has achieved a degree of monetary stability, which is an exit from the most serious economic crisis it has witnessed in decades.

At the beginning of this year, Ghanaian President John Dramani Mahama said that his country was preparing to exit the support program provided by the International Monetary Fund, while being careful to maintain the country's economic credibility. Ghana has been benefiting from this program since 2023, which was launched with the aim of achieving economic stability in the wake of accelerating inflation, a decline in the value of the national currency (the cedi), and the depletion of the country's financial reserves.

This came after the Executive Board of the International Monetary Fund completed last December the fifth review of the $3 billion, 39-month Extended Credit Facility (ECF) arrangement, which the Board approved in May 2023. The completion of the review enabled an immediate disbursement of about $385 million (SDR 267.5 million), bringing Ghana’s total payments under this arrangement to about $2.8 billion.

Despite global economic challenges, Ghana’s economy has surpassed the $100 billion mark, a development that reflects improved macroeconomic indicators and an accelerating pace of recovery. Ghanaian Finance Minister Kassel Atto Furson, in statements reported by local sources, said that GDP is projected to rise to $140 billion by the end of 2026 if current trends continue, potentially making the country the seventh largest economy in Africa.

In addition, Ghana recorded a record gold production of about 6 million ounces during 2025, according to data issued by the Ghana Chamber of Mining Industry, as reported by CNBC Africa.

Trade relations link Egypt and Ghana

Last March, the General Authority for the Suez Canal Economic Zone announced the shipment of 100 locally manufactured buses, prepared for export, to the port of Tema in Ghana.

UAE President meets with Ghanaian President

It is worth noting that Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates, met today, Wednesday, with John Dramani Mahama, President of the Republic of Ghana, who is on a working visit to the country, on the sidelines of the “Made in the UAE 2026” platform activities held at the Abu Dhabi National Exhibition Centre “ADNEC”.

Both sides affirmed their mutual commitment to continuing cooperation and joint work to capitalize on all available opportunities to build development partnerships that support the aspirations of both countries for progress and sustainable prosperity.