Ghana’s inflation rate recorded a marginal decline to 3.2 percent in March 2026, down from 3.3 percent in February, marking its lowest level since the rebasing of the Consumer Price Index (CPI) in 2021. The drop comes despite ongoing external pressures, particularly rising global fuel prices driven by geopolitical tensions involving Iran, the United States, and Israel.

Figures released by the Ghana Statistical Service (GSS) indicate a sustained easing in price growth, representing a sharp fall from the 22.4 percent inflation recorded in March 2025.

On a month-on-month basis, prices saw only a slight uptick of 0.1 percent between February and March, suggesting relative stability in the short term.

Food inflation edged down to 2.3 percent from 2.4 percent, while non-food inflation also slowed to 3.9 percent. However, the services sector recorded a notable increase of 7.2 percent, highlighting continued cost pressures in key areas of the economy.

The cost of goods provided some relief, declining by 1.0 percent overall. Locally produced items, however, registered a modest increase in inflation to 4.9 percent, whereas imported goods experienced a 0.6 percent drop in prices.

Regional variations remain pronounced, with the North East Region recording the highest inflation rate at 8.6 percent, while the Savannah Region experienced deflation of 4.6 percent.

The continued moderation in inflation, even amid fuel-related shocks, points to improving macroeconomic conditions and has strengthened expectations of possible interest rate reductions in the near term.

Nonetheless, the sharp rise in services inflation suggests that underlying cost pressures—particularly in transport, energy, and utilities—are yet to fully ease.

Meanwhile, average lending rates declined slightly in March, reflecting cautious optimism within the financial sector. Commercial banks offered rates around 21.5 percent, down from 22.1 percent recorded in February.