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Food inflation notably dropped to 16.3% from 22.8% in May, according to figures from the Ghana Statistical Service.
Inflation stood at 18.4% in May and 21.2% in April.
Ghana Inflation, Inflation Rate, Ghana Economy, Ato Forson, Fuel Prices, Food Inflation
Ghana's inflation rate has dropped to 13.7% year-on-year, signalling strong economic gains.
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Reuters reported that the Government statistician, Alhassan Iddrisu, told the press that the causes of inflation were cooling.
Iddrisu said a sustained downward shift over the last six months showed a consistent slowdown in prices.
He also singled out the reduction of food inflation as a good sign.
"The disinflation process we are observing means some breathing room for households, a more predictable environment for businesses, and for policymakers, a powerful signal that recent fiscal and monetary efforts may be taking hold."
"Given how heavily food prices weigh on the average Ghanaian in terms of households' budget, this single trend can have a meaningful impact on people's lived experiences."
Fuel prices are set to rise in July, though it remains unclear the effect this will have on overall inflation in the short term.
The government is targeting to end the year at 11.9% inflation.
Ghana's other macroeconomic targets
The government’s macroeconomic targets include a 5.3% non-oil GDP growth rate, a primary balance surplus of 1.5% of GDP, and gross international reserves covering at least three months of imports, from 2.9 months' import cover at the end of 2024.
According to the Ghana Statistical Service, GDP expanded by 3.6% in the fourth quarter of 2024.
B&FT reported that this was lower than the 5.1% recorded in the same period of 2023.
However, the economy maintained an upward trajectory for the full year, with an estimated GDP growth of 5.7% in 2024, up from 3.1% in 2023.
Ghana Inflation, Inflation Rate, Ghana Economy, Ato Forson, Fuel Prices, Food Inflation
Finance Minister Cassiel Ato Forson said the government’s macroeconomic targets include a 5.3% non-oil GDP growth rate and a primary balance surplus of 1.5% of GDP
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The oil and gas sector played a key role in the expansion, while non-oil GDP posted a robust 6% growth.
The Mahama administration is confident it will maintain fiscal discipline in 2025.
It is projecting higher revenue as it navigates an International Monetary Fund programme.
Forson outlined measures designed to consolidate ongoing economic gains while ensuring sustainable debt levels.
Electricity tariffs increased
YEN.com.gh reported that the Public Utilities Regulatory Commission raised electricity tariffs for all categories of consumers by 2.45%, effective July 1, 2025.
The Public Utilities Regulatory Commission's increase in tariffs came during the commission's quarterly review.
In a statement, the commission said it considered key economic variables including the cedi-to-dollar exchange rate, inflation, natural gas prices, and the electricity generation mix between hydro and thermal sources.