Governor of the Bank of Ghana, Dr. Johnson Asiama, has announced that Ghana’s prolonged period of falling inflation has come to an end after headline inflation increased for three consecutive months, although it remains within the central bank’s target range.
Speaking during the opening of the 131st Monetary Policy Committee (MPC) meeting on Monday, July 20, 2026, Dr. Asiama revealed that headline inflation rose from 3.2% in March to 5.3% in June, with transport and haulage costs identified as the main drivers of the increase.
“The prolonged disinflation phase has ended, and inflation is now returning towards the target band,” he stated.
According to the Governor, the recent increase reflects emerging domestic price pressures as Ghana’s economy continues its recovery. He noted that the Bank of Ghana will closely monitor inflationary developments before announcing its latest monetary policy decision later this week.
“Headline inflation has risen for three consecutive months, from 3.2 percent in March to 5.3 percent in June, driven largely by transport and haulage prices,” Dr. Asiama added.
The Governor also warned that rising geopolitical tensions and volatility in global energy markets could pose additional risks to Ghana’s inflation outlook.
He explained that renewed tensions around the Strait of Hormuz had pushed Brent crude oil prices above US$85 per barrel, increasing the likelihood of imported inflation for countries like Ghana that export commodities but rely on imported fuel.
“For Ghana, as a commodity-exporting yet energy-importing economy, these developments reinforce the need to assess carefully the extent to which external cost pressures may influence domestic inflation,” he said.
Despite the growing external risks, Dr. Asiama noted that the Ghana cedi has remained broadly stable during the first half of July, helping to ease imported inflationary pressures.
“The exchange rate has remained broadly stable through the first half of July,” he said.
The Monetary Policy Committee is currently assessing both domestic and global economic conditions before announcing its latest interest rate decision later this week. Financial markets are expected to closely monitor the outcome for indications of how the Bank of Ghana plans to balance rising inflation with the need to sustain economic growth.
