NPLs declined to 15.7% in August 2026

In August 2026, Ghana's National Planning Authority reported that the proportion of non-performing loans (NPLs) had decreased to 15.7%. Positive consumer and business sentiments were reflected in the Bank of Ghana's confidence surveys, which were conducted in August. The Central Bank noted the relatively stable macroeconomic environment and optimism about growth prospects as contributing factors to this positive development.

The Composite Index of Economic Activity (CIEA) experienced a significant annual growth rate of 14.9% in July 2026, up from 6.1% in the same month of the previous year. This growth was driven by several key indicators, including credit to the private sector, international trade activities, and the consumption of goods and services.

While headline inflation rose to 5.0% in August 2026, an increase from 4.6% in July, it remained below the Bank of Ghana's target range of 8 ± 2%. The increase was primarily attributed to non-food inflation, which climbed to 6.8% in August from 6.1% in July due to factors like utility tariff adjustments and higher crude oil prices. Conversely, food inflation remained low, declining slightly to 3.0% in August from 3.1% in July, as a result of improved food supply conditions.