Ghana inflation to rise to 3.4% in April 2026

Ghana's annual inflation is expected to increase to 3.4% in April 2026. This follows a record low of 3.2% recorded in March 2026. The month-on-month inflation rate is forecast to rise to 1.0%.

This marginal rise is mainly due to changes in fuel prices. Domestic petrol prices have gone up by 10.9% year-to-date. Diesel prices have surged by 32.1% in the same period. These increases are linked to global energy price hikes and a 4.9% depreciation of the GHS against other currencies this year.

However, when compared to the same time last year, petrol prices are still down by 11.3%, while diesel is up by 10.9%.

The current 3.2% annual inflation rate means Ghana is 280 basis points below the minimum target set by the Bank of Ghana. It is 480 points below the midpoint and has 680 points buffer to the target ceiling. This large gap suggests the economy is robust enough to handle new cost pressures, even with ongoing global conflicts affecting energy prices.

Inflation has been falling for 15 months in a row. Food inflation eased slightly by 10 basis points to 2.3% in March. Non-food inflation also dropped by 10 basis points to 3.9%.

Despite the forecast increase, experts believe inflation will remain in single digits throughout 2026. This is expected to be supported by the year-long effect of a lower VAT regime.