Ghana’s January inflation drops to 9%

Ghana's Finance Minister Ken Ofori-Atta
  • In December 2018, Ghana recorded an inflation rate of 9.4 percent.
  • In January 2019, Ghana's inflation rate has dropped to 9 percent.
  • If the country's inflation rate continue dropping, the Bank of Ghana (BoG) could cut borrowing costs further after last month’s reduction.

Ghana’s inflation rate dropped to 9 percent for January 2019.

This is a record low which gives the central bank more room to continue loosening policy.

In December 2018, the Consumer Price Index was 9.4 percent.

This was announced by the acting government statistician at the Ghana Statistical Service (GSS), David Yenukwa Kombat.

He said that prices rose 1 percent in the month.

This drop in inflation could allow the Bank of Ghana (BoG) enough room to cut borrowing costs further after last month’s reduction. 

A member of the Monetary Policy Committee Philip Abradu-Otoo said earlier that the BoG could cut again as early as March if price growth continues to slow.

The BoG’s inflation target ranges from 6 percent to 10 percent. Meanwhile, the Governor, Ernest Addison has said it may be time to aim even lower.

However, the GSS still uses the old base year of 2012. When it starts using the 2017 base for the index that could change the inflation number.

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