A detailed review of official data confirms the inflation claim verified true regarding Ghana’s impressive disinflation. Specifically, the nation achieved an 8% rate in October 2025, according to the Ghana Statistical Service (GSS). This significant drop surpassed initial forecasts for the period. The Consumer Price Index (CPI) figures confirm this strong performance. Consequently, the numbers show a remarkable turnaround for the Ghanaian economy. The rate had peaked at 23.8% as recently as December 2024. Therefore, the subsequent fall represents a substantial policy victory.
The International Monetary Fund (IMF) had previously projected an 8% end-year inflation rate for 2025. Moreover, the government had set this exact ambitious target. Ghana last saw a single-digit rate in June 2021. However, the rate then dramatically surged, eventually reaching a 22-year high of 54.1%. This challenging economic past now contrasts sharply with recent successes.
Table of Evidence: Fact-Checking Inflation Claim: 23.8% to 8% True
| Indicator | Date | Value | Source |
| Inflation Rate | December 2024 | 23.8% | Ghana Statistical Service (GSS) CPI (via Ghanafact) |
| Inflation Rate | October 2025 | 8.0% | Ghana Statistical Service (GSS) CPI (via Ghanafact) |
| Inflation Target (2025) | End-Year | 8% | IMF/Government (via Citinewsroom) |
Finance Minister Cassiel Ato Forson presented the 2026 Budget Statement on November 13, 2025. During his presentation, he highlighted these positive indicators. Indeed, the Minister acknowledged the impressive disinflation process. He stated, “If you had asked me even in March that inflation could go to a single digit this year, I would have said it is a lie. All the analysis from different indications for 2025, I said the 11.9 percent target cannot be met, but it has been exceeded.” In fact, the 8% reading marked the 10th straight month of decline.
This achievement strongly aligns with Minister Forson’s policy claims. Specifically, he attributes the low rate to disciplined fiscal policy. Additionally, he cited steady monetary management as a key factor. Strong domestic production and stable exchange rates also contributed to the outcome. Consequently, the minister maintains that the success was not a mere chance. Citizens across markets now widely report easing prices. Furthermore, this change has renewed consumer confidence. Many people feel the economic tide is finally turning in their favor.
Nevertheless, the IMF, in its earlier outlook, had forecast a decline. The current account balance was anticipated to dip by -2.2%. Conversely, the IMF projected robust growth of 4.4% for Ghana in 2025. This rate marked a notable increase from the 2.8% projected for 2024. Ultimately, the IMF maintains that Ghana’s overall economic outlook remains set for a significant rebound. Policymakers continue to prioritize taming underlying inflation risks. For this reason, the Bank of Ghana will maintain a tight monetary policy. Furthermore, the central bank expects the disinflation process to continue smoothly. This successful drop means the inflation claim is verified true. This achievement provides a solid foundation for future growth.
The latest economic data confirms Ghana’s single-digit inflation became a reality in October 2025. Specifically, the nation achieved an impressive 8% rate that month. This significant drop surpassed even optimistic forecasts for the year. The Ghana Statistical Service (GSS) compiled the recent Consumer Price Index (CPI) figures. Consequently, these numbers show a remarkable turnaround for the economy. The rate had registered at 23.8% as recently as December 2024. Therefore, the subsequent fall represents a substantial victory for policymakers.
The International Monetary Fund (IMF) had previously projected an 8% inflation rate for Ghana’s end-of-year 2025. Moreover, the government had set this same ambitious target. The country last saw a similar low rate in June 2021. However, the rate then dramatically surged to a 22-year high of 54.1%. This challenging past now stands in sharp contrast to recent successes.
Finance Minister Cassiel Ato Forson presented the 2026 Budget Statement on November 13, 2025. During his presentation, he specifically discussed these positive economic indicators. Indeed, the minister acknowledged the impressive disinflation process. He stated, “If you had asked me even in March if inflation could go to a single digit this year, I would have said it is a lie. All the analysis from different indications for 2025, I said the 11.9 percent target cannot be met, but it has been exceeded.” In fact, the 8% reading marked the 10th straight month of decline.
This achievement strongly aligns with Minister Forson’s policy claims. Specifically, he attributes the low rate to disciplined fiscal policy. Additionally, he cited steady monetary management as a key factor. Strong domestic production and stable exchange rates also contributed to the outcome. Consequently, the minister maintains that the success was not a mere chance. Citizens across the markets now widely report easing prices. Furthermore, this change has renewed consumer confidence. Many people feel the economic tide is finally turning in their favor.
Nevertheless, the IMF, in its earlier outlook, had forecast a decline. The current account balance was anticipated to dip by -2.2%. Conversely, the IMF projected robust growth of 4.4% for Ghana in 2025. This rate marked a notable increase from the 2.8% projected for 2024. Ultimately, the IMF maintains that Ghana’s overall economic outlook remains set for a significant rebound. Policymakers continue to prioritize taming underlying inflation risks. For this reason, the Bank of Ghana will maintain a tight monetary policy. Furthermore, the central bank expects the disinflation process to continue smoothly. Reaching Ghana’s single-digit inflation confirms effective policy execution. This achievement provides a solid foundation for future growth.
Source: Citinewsroom (April 18, 2024) and Ghanafact (November 13, 2025)