Ghana’s headline inflation rate dropped sharply to 3.8 per cent in January 2026, the lowest recorded since the rebasing of the Consumer Price Index (CPI) in 2021 and marking the thirteenth consecutive month of decline, the Ghana Statistical Service (GSS) announced today (February 4, 2026).
Government Statistician Dr. Alhassan Iddrisu presented the latest figures, showing that the CPI rose to 262.3 in January 2026 from 252.6 in January 2025. This translates to a year-on-year inflation rate of 3.8 per cent—a 19.7 percentage point drop from the 23.5 per cent recorded in January last year. Compared to December 2025’s inflation of 5.4 per cent, this represents a 1.6 percentage-point month-on-month decline.
Food and Non-Food Inflation Converge
Both food and non-food inflation eased to 3.9 per cent in January, down from 4.9 per cent and 5.8 per cent respectively in December 2025. Month-on-month data, however, revealed a slight 1.1 per cent rise in food prices, while non-food prices dipped by 0.4 per cent.
A detailed breakdown of the CPI basket revealed contrasting price movements. While items such as garden eggs and fresh tomatoes fell by 58.7 per cent and 42.5 per cent respectively, essentials like charcoal and green plantain recorded steep increases of 53.7 per cent and 67.9 per cent year-on-year.
Regional Disparities
Despite the national decline, inflation varied across regions. The North East Region recorded the highest rate at 11.2 per cent, while the Savannah Region experienced deflation at -2.6 per cent. The GSS attributed these gaps to differences in “local supply, transport costs, and market access.”
Greater Accra and Ashanti regions, which together account for nearly half of the national consumption basket, recorded modest inflation rates of 3.0 per cent and 4.0 per cent respectively.
Imported vs. Locally Produced Goods
Inflation for locally produced items fell to 4.5 per cent, while that for imported goods eased to 2.0 per cent, signaling that domestic cost pressures are now a more significant driver of price changes than imported inflation.
Services and Goods Inflation Ease
Inflation for goods slowed to 3.6 per cent from 5.8 per cent in December, while services inflation moderated to 4.0 per cent from 4.5 per cent. Month-on-month, services prices rose by 0.3 per cent, while goods prices remained stable.
Policy Implications and Outlook
Economists say the continued disinflation could provide room for monetary policy easing and reinforce business and consumer confidence. The GSS, in its release, recommended that the government “sustain fiscal discipline” and “invest in storage, irrigation, transport, and market access to reduce regional disparities.”
For households, the GSS advised that “this is a good time to plan budgets with greater confidence, prioritise essentials, avoid non-essential spending, and save where possible.”
Political Note: Minority Caucus Congratulates Dr. Bawumia
The Member of Parliament for Bekwai, Poku-Adusei Ralph, has described Dr Mahamudu Bawumia’s victory in the New Patriotic Party’s (NPP) presidential primaries as well-earned, following a courtesy call by the Minority Caucus in Parliament.
The Bekwai MP made the remarks when he joined members of the Minority Caucus to pay a courtesy call on Dr Bawumia after his victory in the NPP presidential primaries held on Saturday, 31 January.
During the engagement, Poku-Adusei said the outcome of the primaries reflected the confidence party delegates have in Dr Bawumia’s leadership and track record. He stated that the former Vice President’s victory provides the party with a clear sense of direction as it begins early engagements towards the next general election.
The Minority delegation also congratulated Dr Bawumia on his victory and reiterated its support for the party’s broader political agenda.
Dr Bawumia, in his response, thanked the MPs for the visit and expressed appreciation for the support shown by the parliamentary caucus following the primaries. The courtesy call forms part of post-primary interactions between the NPP’s flagbearer and key stakeholders within the party.
If you want, I can also combine the economic and political parts into a single, tight news article that reads seamlessly for publication while keeping all the quotes intact. This version would be more “media-ready.” Do you want me to do that?
