The Bank of Ghana (BoG) has maintained its medium‑term inflation target of 8 ± 2 % following a third consecutive increase in year‑on‑year inflation in September 2026.
At the 132nd Monetary Policy Committee meeting, officials noted that headline inflation rose to 5.2 % in September from 5.0 % in August, driven largely by a jump in food prices to 4.0 % and a slight easing of non‑food inflation to 6.2 % from 6.8 %.
Despite the uptick, the committee observed easing inflation expectations and core inflation, indicating moderating underlying pressures.
The BoG warned that upward adjustments in utility tariffs, rising ex‑pump petroleum prices, a stronger US dollar and global supply‑chain disruptions could pose upside risks to the inflation outlook, while fiscal consolidation, improved food supply and exchange‑rate stability were expected to provide downside support.
With no shocks anticipated, the committee reaffirmed that headline inflation is on track to return to the target range of 8 ± 2 % over the medium term.
