The Bank of Ghana (BoG) predicts that inflation will decrease further by the end of 2025, following months of consistent disinflation supported by a stronger cedi and disciplined policy management.
Governor of the Central Bank, Dr. Johnson Asiama, speaking at the launch of the Cedi@60 celebrations in Accra, disclosed that headline inflation has dropped sharply to 9.4% as of September 2025, from 23.5% at the start of the year — marking the first return to the central bank’s medium-term target band of 8±2 percent in four years.
“Headline inflation has dropped sharply to 9.4% as of September 2025, returning to the target range for the first time in four years — and we expect it to end the year even lower,” Dr. Asiama noted.
According to Dr. Asiama, the decline is attributed to tight monetary policy, fiscal consolidation, and the cedi’s strong performance, which has appreciated by over 37 percent against the U.S. dollar this year — making it the best-performing currency in Sub-Saharan Africa, according to the World Bank.
He further noted that Ghana’s current trajectory reflects a decisive turnaround from late 2022, when inflation surged to over 54 percent, one of the highest globally at the time.
“We have turned the corner, but sustaining this progress will require continued discipline and policy coordination. We must protect the gains we have made,” he added.