Inflation Ghana 2003
Average inflation: 29.8%
Inflation in 2003
Inflation is very high at 29.8%, far above the ECB target.
Peak and Trough
The highest inflation was in August at 33.6%. The lowest inflation was in January at 13.5%.
- Highest month
- August: 33.6%
- Lowest month
- January: 13.5%
- Difference
- 20.1 percentage points
- Months with data
- 12 of 12
Historical Context
Inflation is 4.2 percentage points higher than the 5-year average of 25.6%.
- 5-year average
- 25.6%
- 10-year average
- 23.6%
- All-time high (2001)
- 43.5%
- All-time low (1999)
- 5%
Trend
Over the period 2001-2003, inflation shows a downward trend. Compared to 2002, inflation has risen by 20.3 percentage points.
- Change vs. previous year
- +20.3 percentage points
- Largest monthly swing
- July: +29.1 percentage points
ECB Target
Inflation is 27.8 percentage points above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for GHS 100 this year will cost approximately GHS 129.80 next year at this inflation rate.
Multi-year trend
Monthly figures 2003
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2002 |
|---|---|---|
| January | 13.5% | -6.1 |
| February | 25.5% | +10.6 |
| March | 29.8% | +20.5 |
| April | 29.3% | +21.9 |
| May | 31.6% | +26.8 |
| June | 32.9% | +29.0 |
| July | 33.0% | +29.1 |
| August | 33.6% | +25.8 |
| September | 29.8% | +19.1 |
| October | 33.2% | +23.9 |
| November | 33.6% | +23.5 |
| December | 31.3% | +19.3 |
| Average | 29.8% |
Data source
Data from WorldBank. Last updated: 06/01/2026.