Inflation in Ghana
In the year to August 2026, consumer prices in Ghana rose 5.0%, up from 4.6% a month earlier. Since September 1997 prices have risen 7,752.0%, which means GH₵100 then buys what GH₵7,852.03 buys now, so the same basket of goods costs 78.5 times what it did.
Cumulative & Yearly Inflation
Inflation in Ghana by year
Inflation is the change in that year's average prices against the year before, which is the figure usually quoted. The last two columns take GH₵100 in January of that year and show what it is worth in August 2026, the most recent month on record. Only years measured in full are listed, so the year now running appears once it ends.
| Year | Inflation | GH₵100 is now | Cumulative inflation |
|---|---|---|---|
| 2000 | 40.2% | 5,719.54 | 5,619.5% |
| 2010 | 10.7% | 903.74 | 803.7% |
| 2020 | 9.9% | 307.69 | 207.7% |
| 2024 | 22.8% | 131.30 | 31.3% |
| 2025 | 14.2% | 106.29 | 6.3% |
Every year from 1999 to 2025
| Year | Inflation | GH₵100 is now | Cumulative inflation |
|---|---|---|---|
| 1999 | 4.9% | 6,423.74 | 6,323.7% |
| 2000 | 40.2% | 5,719.54 | 5,619.5% |
| 2001 | 41.5% | 3,585.62 | 3,485.6% |
| 2002 | 9.4% | 2,998.25 | 2,898.2% |
| 2003 | 29.8% | 2,642.17 | 2,542.2% |
| 2004 | 18.0% | 2,048.98 | 1,949.0% |
| 2005 | 15.4% | 1,753.82 | 1,653.8% |
| 2006 | 11.7% | 1,555.36 | 1,455.4% |
| 2007 | 10.7% | 1,402.60 | 1,302.6% |
| 2008 | 16.5% | 1,243.32 | 1,143.3% |
| 2009 | 19.2% | 1,037.33 | 937.3% |
| 2010 | 10.7% | 903.74 | 803.7% |
| 2011 | 8.7% | 828.51 | 728.5% |
| 2012 | 11.2% | 761.98 | 662.0% |
| 2013 | 11.7% | 692.15 | 592.2% |
| 2014 | 15.5% | 608.24 | 508.2% |
| 2015 | 17.1% | 522.34 | 422.3% |
| 2016 | 17.5% | 438.97 | 339.0% |
| 2017 | 12.4% | 387.28 | 287.3% |
| 2018 | 7.8% | 350.96 | 251.0% |
| 2019 | 7.1% | 331.47 | 231.5% |
| 2020 | 9.9% | 307.69 | 207.7% |
| 2021 | 10.0% | 279.88 | 179.9% |
| 2022 | 31.3% | 245.73 | 145.7% |
| 2023 | 38.1% | 162.14 | 62.1% |
| 2024 | 22.8% | 131.30 | 31.3% |
| 2025 | 14.2% | 106.29 | 6.3% |
A short history of inflation in Ghana
The Cedi Collapse (2000 to 2001)
Ghanaian inflation peaked at 63.0% in the year to March 2001. The shock came from both directions at once: the world prices of cocoa and gold, which paid for most of what Ghana imported, fell through 1999 and 2000 while the price of the oil it bought rose. The cedi lost roughly half its value against the dollar over 2000, and in an economy importing its fuel and much of its food that reached shop prices within months.
An election year added spending financed by the central bank. Ghana entered the heavily indebted poor countries programme in 2001, and inflation fell back into the teens over the following three years.
The Debt Crisis (2022 to 2023)
Inflation reached 52.1% in the year to December 2022, the highest since the cedi collapse two decades earlier. The currency was among the worst-performing in the world that year. In December the government suspended payments on most of its external debt, and an IMF programme followed in 2023. The rate stayed above 20% through 2024 and only returned to single figures in 2025.
Post-Covid Inflation (2021 to 2023)
In Ghana, prices rose fastest in December 2022, at 52.1%. The causes of the post-Covid inflation were global in nature, beginning with the lockdowns: factories and ports closed and the shipping between them fell out of sequence, so goods took longer to make and longer to arrive. Governments had spent heavily supporting household incomes through those closures, so when restrictions lifted there was money waiting to be spent and not enough on the shelves to spend it on. Then in February 2022 Russia invaded Ukraine, disrupting two of the world's largest suppliers of wheat, fertiliser, oil and gas at once, and the cost of everything grown, heated or transported rose with them.
Because the causes were shared, so was the timing: most countries peaked within a few months of one another in late 2022. The major inflation events covers this episode and the others in more detail.
Common questions about inflation in Ghana
What is the current inflation rate in Ghana?
Prices in Ghana rose 5.0% in the year to August 2026. That is up from 4.6% a month earlier.
What would GH₵100 in September 1997 be worth today?
GH₵100.00 in September 1997 has the same buying power as GH₵7,852.03 in August 2026, a rise of 7,752.0%.
What would GH₵100 in January 2000 be worth today?
GH₵100.00 in January 2000 has the same buying power as GH₵5,719.54 in August 2026, a rise of 5,619.5%.
What would GH₵100 in January 2010 be worth today?
GH₵100.00 in January 2010 has the same buying power as GH₵903.74 in August 2026, a rise of 803.7%.
What would GH₵100 in January 2020 be worth today?
GH₵100.00 in January 2020 has the same buying power as GH₵307.69 in August 2026, a rise of 207.7%.
What is Ghana's inflation target?
Ghana targets 6–10%. The latest reading of 5.0% is running 1.0 points below it.
How inflation in Ghana is measured
The figures on this page come from the IMF's CPI dataset, with the original data from the Ghana Statistical Service. The series is indexed so that a chosen base year equals 100, and the calculator works out the ratio between any two dates you pick.
The currency shown is the Ghanaian cedi (GH₵). Coverage runs from September 1997 to August 2026, and updates automatically as each new release is published. Figures for the most recent periods can be revised by the statistics office after first publication.
Use this data
Click the reference to select it.
Compare Inflation. “Inflation in Ghana.” Figures for August 2026. https://compareinflation.com/inflation-in-ghana/
Download the full series (CSV) — 348 months, September 1997 to August 2026, with the annual rate for each.