The Bank of Ghana (BoG) says it expects inflation to decline even further by the end of 2025, following months of sustained disinflation supported by a stronger cedi and disciplined policy management.

Governor, Dr. Johnson Asiama, speaking at the launch of the Cedi@60 celebrations in Accra said headline inflation has dropped sharply to 9.4% as of September 2025, down from 23.5% at the start of the year — marking the first return to the central bank’s medium-term target band of 8±2 percent in four years.

“Headline inflation has dropped sharply to 9.4% as of September 2025, returning to the target range for the first time in four years — and we expect it to end the year even lower,” Dr. Asiama noted.

He attributed the decline to tight monetary policy, fiscal consolidation, and the cedi’s strong performance, which has appreciated by over 37 percent against the U.S. dollar this year — making it the best-performing currency in Sub-Saharan Africa, according to the World Bank.

Dr. Asiama noted that Ghana’s current trajectory reflects a decisive turnaround from late 2022, when inflation surged to over 54 percent, one of the highest globally at the time.

“We have turned the corner, but sustaining this progress will require continued discipline and policy coordination. We must protect the gains we have made,” he added.

The central bank reaffirmed its commitment to maintaining a stable exchange rate, anchoring inflation expectations, and supporting Ghana’s broader economic recovery.