Traditional Ghanaian meals like fufu with soup and kenkey with fried fish ranked among the top 20 products that influenced price changes in October 2025, data from the Ghana Statistical Service (GSS) has revealed.

These food items were largely grouped under the Food and Non-Alcoholic Beverages section of the Consumer Price Index (CPI), which continues to be the biggest contributor to Ghana’s inflation figures.

The list also featured everyday staples and ingredients such as smoked herring, green plantain, cassava-based foods like kokonte and dough, yams, onions, ginger, tomato paste, vegetable oil, cooked rice, bread, and beef.

Non-food items such as charcoal, electricity, and re-sold tap water appeared under the Housing, Water, Electricity, Gas and Other Fuels category.

Spending on hotel accommodation was captured under Hotels, Cafés and Restaurants, while fees for public and private secondary schools were reflected under Education.

Last week, the Ghana Statistical Service (GSS) announced an 8.0% inflation rate for October 2025, down from 9.4% recorded in September.

The figure represented a 1.4 percentage point drop from the previous month, marking the lowest level since June 2021, sustaining ten consecutive months of consistent decline.

It also indicated a sharp improvement from the 23.8% recorded in December 2024.

Addressing the media in Accra, Government Statistician, Dr. Iddrisu Alhassan, attributed the continuous drop in inflation to the stringent fiscal measures adopted in efforts to stabilize Ghana’s economy.

“For the first time since June 2021, Ghana has achieved single-digit inflation. This means that the rate at which prices of goods and services are increasing has slowed significantly. We’ve seen improvements across food, transport, and housing categories — key indicators of household welfare,” Dr. Alhassan noted.

A report by the Bank of Ghana (BoG) in October indicated that the government spent less than budgeted between January and July. According to the Bank of Ghana’s September 2025 Monetary Policy Report, the government spent GH¢131.1 billion, which is below the planned amount of GH¢152.6 billion.

Thus, government spending accounted for 9.4% of GDP, falling short of the target of 10.9%. The report noted that government spending was 14.1% below target but 9.3% higher than during the same period the previous year. The BoG attributed the gains to tighter fiscal discipline and improved expenditure control.

It further stated that, except for compensation of employees, all major spending categories came in below target. Salaries and wages for public sector workers recorded GH¢44.9 billion from the projected amount, while spending on infrastructure and development projects stood at GH¢10 billion, much lower than expected.

In September, Ghana’s public debt stock rose by GH¢15.8 billion in July 2025, bringing the overall debt to GH¢628.8 billion, equivalent to $59.9 billion. According to the BoG, this represents 44.9% of the country’s total economic output.

This increase followed three consecutive months of decline and was partly attributed to the earlier appreciation of the Ghanaian cedi. Ghana recorded GH¢613 billion in June and GH¢769.4 billion in March.

The fluctuations in the figures during that period were largely influenced by changes in the cedi’s exchange rate. Ghana’s external debt remained mostly unchanged in July at $29.0 billion. However, domestic debt climbed to GH¢323.7 billion, or 23.1% of GDP, from GH¢312.7 billion the previous month.

The Bank of Ghana also announced a 6.3% Gross Domestic Product (GDP) growth in the second quarter of 2025. While acknowledging global financial pressures at the 126th Monetary Policy Committee (MPC) meeting held on September 15, BoG Governor, Dr. Johnson Pandit Asiama, stated that Ghana recorded a 1.0% increase in GDP from the 5.3% growth in the first quarter.

“Ghana’s recovery is gaining momentum even as the global environment remains uncertain. Worldwide, growth is easing, and financial conditions are still tight amid trade tensions and geopolitical risks; yet domestically, improved fundamentals have strengthened confidence in our outlook. Real activity has firmed. Provisional data show GDP growth accelerated to 6.3 percent in Q2 2025, led by services and agriculture, with non-oil GDP expanding by 7.8 percent,” Dr. Asiama stated.

According to him, some short-term economic measurements, also known as high-frequency indicators, show that the economy is still growing. Among these, the Bank of Ghana’s Composite Index of Economic Activity was 6.1% higher in July than a year earlier.

“High-frequency indicators confirm this momentum: the Bank’s Composite Index of Economic Activity was up 6.1 percent year-on-year in July, and recent PMI readings alongside our business and consumer surveys point to improving sentiment,” he added.

In his update, he also touched on inflation, stating that it fell from 12.1% in July to 11.5% in August, marking a 0.6 percentage point drop in just one month — the eighth consecutive month of decline — and the lowest inflation rate since October 2021.

He added that, even though there was a decline in remittance inflows, the cedi remains one of the strongest-performing currencies globally. “On the price front, headline inflation fell further to 11.5 percent in August, its lowest since October 2021, supported by a tight monetary stance, fiscal consolidation, and better food supplies; core measures and expectations continue to re-anchor.

"External buffers have strengthened. For the first eight months of the year, Ghana recorded a trade surplus of US$6.2 billion, underpinned by robust gold exports and higher cocoa receipts. Gross international reserves stood at US$10.7 billion in August, covering about 4½ months of imports.

"Despite seasonal pressures and a moderation in remittance inflows in recent weeks, the cedi remains among the strongest currencies globally year-to-date, appreciating by about 21 per cent as of September 12. It now ranks alongside high performers such as the Russian ruble, Swedish krona, Norwegian krone, Swiss franc, euro, and British pound. This outperformance reflects prudent monetary policy, effective liquidity management, fiscal consolidation, and increased foreign exchange inflows,” he stressed.