Inflation Rises to 5.3% as Ghana’s Disinflation Period Comes to an End – BoG Governor

The Governor of the Bank of Ghana, Dr. Johnson Asiama, says Ghana’s prolonged period of declining inflation has come to an end, following a steady rise in headline inflation over the past three months.

Addressing the opening session of the 131st Monetary Policy Committee (MPC) meeting on Monday, July 20, 2026, Dr. Asiama said inflation increased from 3.2% in March to 5.3% in June, mainly driven by rising transport and haulage costs.

He explained that the recent trend reflects emerging domestic price pressures, although inflation remains within the central bank’s target range.

“The prolonged disinflation phase has ended, and inflation is now returning towards the target band,” Dr. Asiama stated.

The Bank of Ghana Governor cautioned that global developments, including geopolitical tensions and volatility in energy markets, could pose risks to Ghana’s inflation outlook.

He noted that renewed tensions around the Strait of Hormuz pushed Brent crude oil prices above US$85 per barrel, raising concerns about imported inflation for energy-dependent economies.

Dr. Asiama, however, indicated that the Ghana cedi has remained relatively stable during the first half of July, helping to contain imported price pressures.

The MPC is currently assessing domestic and global economic conditions ahead of its latest interest rate decision, which is expected later this week.

Story by Efua Nessa