‘We are still not out of the woods yet’ – GNCCI CEO on local goods inflation

Ghana has managed to keep its inflation rate at a single-digit figure, which provides some reassurance. However, the rise in inflation for locally manufactured goods indicates that businesses are still facing challenges, according to Ghana National Chamber of Commerce and Industry (GNCCI) CEO Mark Badu-Aboagye. Speaking on Joy News’ PM Express Business Edition, he stressed that while business conditions have improved, the recovery is not yet complete.

"If you look at the numbers, the cost of locally manufactured goods, the inflation for it went up a bit, which should tell you that we are still not out of the woods yet."

Badu-Aboagye praised the 2026 budget as largely beneficial for businesses, citing tax relief and falling interest rates as factors that have helped both businesses and consumers. He noted that businesses have played their part in keeping inflation down by limiting price increases. However, he acknowledged that this assessment might not fully capture the picture, as different spending patterns among consumers could affect the headline figure.

Despite this, he maintained that the national average of 5.5 percent inflation is a positive indicator.

He also pointed out that regional variations in inflation exist, with some areas experiencing higher rates. Exchange rate stability and production costs have been key contributors to lower inflation. Badu-Aboagye suggested that additional tariff relief, combined with the existing tax measures, could have further reduced the cost of locally manufactured goods, thus bringing inflation down even more.