Ghana Inflation Rises to 5.2% in September; October Reading Unconfirmed
Key Facts
Ghana’s annual inflation was 5.2% in September 2026, according to the latest reading published on the Ghana Statistical Service’s page that could be accessed. The October reading cited in the headline could not be confirmed from publicly available official sources. The September figure was the latest available on that page when it was reviewed. The Bank of Ghana said inflation rose from 5.0% in August but remained well below the 9.4% recorded in September 2025. The available figures therefore show a modest monthly increase, while inflation remained below its level a year earlier.
The Bank of Ghana set its medium-term inflation target within a range of 6% to 10%, according to its October investor bulletin. September’s 5.2% reading was below the bottom of that range. In the same bulletin, the bank said the Monetary Policy Committee kept the policy rate at 14.0%. The rate has remained at that level since March 2026. These decisions provide the available monetary policy context; the bulletin did not attribute the rate hold to the unconfirmed October inflation reading.
The bank identified upside risks to inflation, including higher crude oil prices, the possibility of utility tariff adjustments and escalating geopolitical tensions. By contrast, it said fiscal discipline, improved food supplies and a stable exchange rate were factors limiting those risks. Brent crude averaged $102.1 per barrel in September, up 15.9% month on month, according to the bulletin. These developments provide context for the price risks cited by the bank, but do not by themselves establish an effect on the October reading. Publicly available sources did not report a dated market reaction to the October inflation news.
The bank’s data showed real gross domestic product grew 6.0% year on year in the second quarter of 2026, compared with 6.6% in the same period a year earlier. The bank attributed growth to the services and industry sectors. The Composite Index of Economic Activity also recorded annual growth of 14.9% in July 2026, compared with 6.1% in July 2025. On Treasury bills, the yield on 91-day bills fell to 5.4% in August from 10.3% a year earlier. These indicators provide a picture of activity and financing in the specified periods; they do not represent a market response to October inflation data.
The Monetary Policy Committee is scheduled to hold its next meeting from 16 to 18 November 2026, with a press release due on 18 November, according to the central bank’s calendar. The meeting follows the policy rate hold at 14.0% in October. September’s figure, not the unconfirmed October reading, remains the latest inflation number verified in publicly available official sources. The published calendar does not include the outcome of the next meeting. The statement scheduled for 18 November is the committee’s next announced decision date.