Inflation Ghana 2020
Average inflation: 9.9%
Current Inflation
Inflation is very high at 9.9%, far above the ECB target.
Peak and Trough
The highest inflation was in July at 11.3%. The lowest inflation was in January at 7.7%.
- Highest month
- July: 11.3%
- Lowest month
- January: 7.7%
- Difference
- 3.6 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Energy with an average of 15.9%. The lowest price increase was in Food with an average of 11.8%.
- Highest increase
- Energy: 15.9%
- Lowest increase
- Food: 11.8%
Historical Context
Current inflation is 1.0% lower than the 5-year average of 10.9%.
- 5-year average
- 10.9%
- 10-year average
- 11.9%
- All-time high (2001)
- 43.5%
- All-time low (2019)
- 7.1%
Trend
Inflation shows an upward trend. Compared to 2019, inflation has risen by +2.8 percentage point.
- Change vs. previous year
- +2.8 percentage points
- Largest monthly swing
- May: +4.2 percentage points
ECB Target
Inflation is 7.9% 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 €100 this year will cost approximately €109.90 next year at this inflation rate.
Multi-year trend
Monthly figures 2020
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2019 |
|---|---|---|
| January | 7.7% | +1.8 |
| February | 7.7% | +1.6 |
| March | 7.7% | +1.2 |
| April | 10.5% | +4.0 |
| May | 11.2% | +4.2 |
| June | 11.1% | +3.6 |
| July | 11.3% | +3.8 |
| August | 10.4% | +2.7 |
| September | 10.3% | +2.8 |
| October | 10.1% | +2.5 |
| November | 9.8% | +1.8 |
| December | 10.5% | +2.7 |
| Average | 9.9% |
Data source
Data from WorldBank. Last updated: 06/01/2026.