BoG maintains medium-term inflation target of 8 ± 2%

The Bank of Ghana has kept its medium-term inflation target at 8 percent, give or take 2 percentage points, unless any unexpected events occur. This was announced after the release of September 2026 inflation data, which showed year-on-year inflation rising for the third straight month. At their latest Monetary Policy Committee meeting, policymakers expressed worries about global economic risks and expressed optimism about domestic conditions.

In August, headline inflation ticked up, primarily due to a rise in non-food prices. Despite this uptick, the Committee noted a softening in inflation expectations and a decline in core inflation, indicating that underlying inflationary pressures were easing. After considering both global and domestic factors, the Committee concluded that headline inflation was on track to return to its target range of 8±2% in the medium term, barring unexpected shocks.

The Committee highlighted upward risks from rising utility tariffs, higher petroleum prices at the pump, a stronger US dollar, and disruptions in global supply chains. However, these upward risks were expected to be largely offset by downward risks from fiscal consolidation, better food supply conditions, and a stable exchange rate.

In September 2026, headline inflation reached 5.2%, up from 5.0% in August. Consumer Price Inflation increased by 1.1% month-on-month in September, reversing the previous month's trend. Food Inflation rose to 4.0% in September from 3.0% in August, while non-food inflation eased slightly to 6.2% in September 2026 from 6.8% in August 2026.