GHDatafie blog

Ghana roundup, September 2026: inflation, policy rate, GDP, prices and debt

GHDatafie, 24 October 2026

Ghana's consumer price inflation was 5.2 percent in September 2026, according to the Ghana Statistical Service (GSS), and the Bank of Ghana (BoG) kept its policy rate at 14.0 percent on 24 September 2026. Figures released in September also show real GDP growth of 6.0 percent in the second quarter of 2026 and producer price inflation of 4.4 percent in August 2026 (both provisional, GSS), and public debt of 46.55 percent of GDP in July 2026 (provisional, Ministry of Finance).

Consumer price inflation in Ghana was 5.2 percent in September 2026, according to the Ghana Statistical Service. September also brought a Bank of Ghana decision on the policy rate, new GSS figures for economic growth and producer prices, and Ministry of Finance figures on public debt. Each section below takes one indicator. All figures are as published and may be revised.

Inflation

Inflation measures how much the prices of the goods and services households buy changed over the past twelve months. GSS put it at 5.2 percent for September 2026, a final figure published on 7 October 2026. GHDatafie calculated that it was 0.2 percentage points higher than in August 2026 (5.0 percent) and 4.2 percentage points lower than in September 2025 (9.4 percent).

A lower inflation rate means prices rise more slowly. It does not mean they fall. GHDatafie calculated that at 5.2 percent, something that cost GH₵100 in September 2025 costs GH₵105.2 in September 2026, on average. You can follow the monthly movement in the chart above.

The policy rate

The monetary policy rate is the interest rate the Bank of Ghana sets at its Monetary Policy Committee meetings. Banks look at it when they price loans and deposits. On 24 September 2026 the BoG published a rate of 14.0 percent for September 2026, the same figure as at its July 2026 meeting.

GHDatafie calculated that the policy rate is 7.50 percentage points lower than in September 2025, when it stood at 21.50 percent. The chart above shows each step along the way.

Economic growth

Real GDP growth compares the volume of goods and services the economy produced in a quarter with the same quarter a year earlier, with prices held at their 2013 level so that price rises do not count as growth. On 9 September 2026 GSS published a provisional figure of 6.0 percent for the second quarter of 2026.

GHDatafie calculated that it was 0.4 percentage points lower than in the first quarter of 2026 (6.4 percent, revised) and 0.6 percentage points lower than in the second quarter of 2025 (6.6 percent, revised). In plain terms, the economy produced more than a year earlier, and the gain was a little smaller than in the quarters just before.

Producer prices

Producer price inflation tracks the prices that producers receive for what they make, across all activities, compared with a year earlier. On 16 September 2026 GSS published a provisional figure of 4.4 percent for August 2026. GHDatafie calculated that it was 0.4 percentage points higher than in July 2026 (4.0 percent).

GHDatafie also calculated that at 4.4 percent, goods that cost producers' customers GH₵100 in August 2025 cost GH₵104.4 in August 2026, on average. The GSS newsletter archive has gaps, so the chart above shows fewer months than for consumer inflation.

Public debt

Public debt to GDP compares total public sector debt with the size of the economy, using the Ministry of Finance's own GDP figure for the year. On 14 September 2026 the ministry published provisional figures up to July 2026, when debt stood at 46.55 percent of GDP.

GHDatafie calculated that it was 0.90 percentage points higher than in June 2026 (45.65 percent) and 1.22 percentage points higher than in July 2025 (45.33 percent). The ministry marks every figure shown as provisional, so the chart above may change when later files are released.

Where the figures come from

Inflation, economic growth and producer prices come from the Ghana Statistical Service: see CPI inflation, real GDP growth and producer price inflation. The policy rate comes from the Bank of Ghana: see the monetary policy rate. Public debt comes from the Ministry of Finance: see public sector debt to GDP. GHDatafie compiles the figures as published and is independent of all three institutions. Recent publications are listed on the releases page.

Questions people ask

What is Ghana's inflation rate for September 2026?

Consumer price inflation was 5.2 percent in September 2026, according to the Ghana Statistical Service. GHDatafie calculated that it was 0.2 percentage points higher than in August 2026 and 4.2 percentage points lower than in September 2025.

What is the Bank of Ghana policy rate now?

The Bank of Ghana published a monetary policy rate of 14.0 percent for September 2026, on 24 September 2026. GHDatafie calculated that it is 7.50 percentage points lower than the 21.50 percent of September 2025.

How fast did Ghana's economy grow in the second quarter of 2026?

Real GDP grew 6.0 percent in the second quarter of 2026 compared with a year earlier, according to a provisional Ghana Statistical Service figure. The first quarter of 2026 figure was 6.4 percent (revised).

What is Ghana's public debt as a share of GDP?

Public sector debt was 46.55 percent of GDP in July 2026, according to provisional Ministry of Finance figures. The ministry calculates the ratio with its own GDP figure for the year.

Does lower inflation mean prices in Ghana are falling?

No. A lower inflation rate means prices are rising more slowly. At 5.2 percent in September 2026, GHDatafie calculated that something that cost GH₵100 in September 2025 costs GH₵105.2, on average.

Figures in this article

• CPI inflation, headline, year on year: Source: Ghana Statistical Service (GSS), statsghana.gov.gh. Figures as published by GSS; compiled by GHDatafie, which is independent of and not endorsed by GSS.
• Public sector debt to GDP: Source: Ministry of Finance (MoF), Ghana, mofep.gov.gh. Figures as published by MoF; compiled by GHDatafie, which is independent of and not endorsed by MoF.
• Real GDP growth, year on year: Source: Ghana Statistical Service (GSS), statsghana.gov.gh. Figures as published by GSS; compiled by GHDatafie, which is independent of and not endorsed by GSS.
• Producer price inflation, all activities, year on year: Source: Ghana Statistical Service (GSS), statsghana.gov.gh. Figures as published by GSS; compiled by GHDatafie, which is independent of and not endorsed by GSS.
• Monetary policy rate: Source: Bank of Ghana (BoG), bog.gov.gh. Figures as published by BoG; compiled by GHDatafie, which is independent of and not endorsed by BoG.

Changes and everyday examples are calculated by GHDatafie from the published figures. GHDatafie is independent and is not part of, or endorsed by, the publishers it quotes.