Inflation rate in Ghana 2024

In 2018, the inflation rate in Ghana amounted to about 9.84 percent compared to the previous year. Ghana’s inflation peaked at almost 17.5 percent in 2016 and is predicted to decrease to 8 percent by 2024.

Steady is best for inflation

According to economists, a steady inflation rate between two and three percent is desirable to achieve a stable economy in a country. Inflation is the increase in the price level of consumer goods and services over a certain time period. A high inflation rate is often caused by excessive money supply and can turn into hyperinflation, i.e. if inflation occurs too quickly and rapidly, it can devalue currency and cause a recession and even economic collapse. This scenario is currently taking place in Venezuela , for example. The opposite of inflation, the decrease in the price level of goods and services below zero percent, is called deflation. While hyperinflation devalues money, deflation usually increases its value. Both events can damage an economy severely.

Is Ghana’s economy at risk?

Ghana’s economy is considered quite stable and fast-growing, and is rich in oil, diamonds, and gold. After struggling in the years around 2015 due to increased government spending and plummeting oil prices, it is now on an upswing again. This is also reflected in the decreasing inflation rate, and other key indicators like unemployment and rapid GDP growth support this theory. However, Ghana’s government debt is still struggling with the consequences of the 2015 crisis and forecast to keep skyrocketing during the next few years.

Ghana: Inflation rate from 1984 to 2024

Inflation rate compared to previous year
2024*8%
2023*8.1%
2022*8.4%
2021*8.8%
2020*9.16%
2019*9.26%
20189.84%
201712.37%
201617.46%
201517.15%
201415.49%
201311.67%
2012 7.07%
2011 7.68%
2010 6.7%
2009 13.14%
2008 16.51%
2007 10.73%
2006 11.68%
2005 15.1%
2004 12.67%
200326.63%
2002 14.85%
2001 32.93%
2000 25.11%
1999 12.47%
1998 19.21%
1997 24.83%
1996 44.49%
1995 59.32%
1994 24.87%
1993 24.94%
1992 10.05%
1991 18.1%
1990 37.24%
1989 25.24%
1988 31.37%
1987 39.76%
1986 24.54%
1985 10.3%
1984 40.03%
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Source

Release date

October 2019

Region

Ghana

Survey time period

1984 to 2018

Supplementary notes

* Estimate.

Figures have been rounded.

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Statistics on "Ghana"

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