The Governor of the Bank of Ghana, Dr. Johnson Asiama, announced that the nation’s extended period of declining inflation has concluded, as headline inflation has risen for three consecutive months, although the rate of price growth is still within the central bank’s target range.
During his opening remarks at the 131st Monetary Policy Committee (MPC) meeting on Monday, July 20, 2026, Dr. Asiama indicated that inflation had increased from 3.2% in March to 5.3% in June, primarily due to rising transport and haulage costs.
“The extended phase of disinflation has come to an end, and inflation is now moving back towards the target band,” he stated.
He further explained that the recent inflation trends reflect emerging domestic price pressures, even as the economy continues to recover, and emphasized that the central bank would closely monitor developments prior to making any policy decisions.
“Headline inflation has increased for three consecutive months, from 3.2 percent in March to 5.3 percent in June, largely driven by transport and haulage prices,” Dr. Asiama remarked.
The governor also warned that escalating geopolitical tensions and fluctuations in global energy markets could complicate Ghana’s inflation outlook.
He pointed out that renewed conflicts around the Strait of Hormuz had caused Brent crude oil prices to exceed US$85 per barrel earlier this week, heightening the risk of imported inflation for economies like Ghana that export commodities but import energy.
“For Ghana, as a commodity-exporting yet energy-importing nation, these developments underscore the necessity to carefully evaluate the extent to which external cost pressures may affect domestic inflation,” he noted.
Despite these external risks, Dr. Asiama mentioned that the exchange rate has remained relatively stable throughout the first half of July, which has helped to alleviate imported price pressures.
“The exchange rate has remained broadly stable through the first half of July,” he concluded.
