Inflation Ghana 2024
Average inflation: 22.9%
Current Inflation
Inflation is very high at 22.9%, far above the ECB target.
Peak and Trough
The highest inflation was in March at 25.8%. The lowest inflation was in August at 20.4%.
- Highest month
- March: 25.8%
- Lowest month
- August: 20.4%
- Difference
- 5.4 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Energy with an average of 26.7%. The lowest price increase was in Food with an average of 24.7%.
- Highest increase
- Energy: 26.7%
- Lowest increase
- Food: 24.7%
Historical Context
Current inflation is around the 5-year average of 22.5%.
- 5-year average
- 22.5%
- 10-year average
- 17.5%
- All-time high (2023)
- 39%
- All-time low (2019)
- 7.1%
Trend
Inflation shows a downward trend. Compared to 2023, inflation has fallen by +16.1 percentage point.
- Change vs. previous year
- -16.1 percentage points
- Largest monthly swing
- January: -28.1 percentage points
ECB Target
Inflation is 20.9% 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 €122.90 next year at this inflation rate.
Multi-year trend
Monthly figures 2024
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| January | 23.5% | -28.1 |
| February | 23.2% | -27.6 |
| March | 25.8% | -17.4 |
| April | 25.1% | -14.2 |
| May | 23.1% | -17.3 |
| June | 22.8% | -17.8 |
| July | 20.9% | -20.3 |
| August | 20.4% | -17.9 |
| September | 21.5% | -16.6 |
| October | 21.8% | -13.4 |
| November | 23.1% | -3.3 |
| December | 23.8% | +0.6 |
| Average | 22.9% |
Data source
Data from WorldBank. Last updated: 06/01/2026.