The Bank of Ghana has stated that headline inflation is expected to return to the medium-term target of 8 ± 2% barring any shocks.

According to the Bank of Ghana, upside risks from geopolitical tensions in the Middle East, however, remain significant.

This highlights the importance of maintaining an appropriate monetary stance going forward.

According to the Central Bank’s May 2026 Monetary Policy Report, headline inflation picked up marginally in April 2026, marking the first increase since the disinflation process began in December 2024.

This pick-up was driven by non-food items in the CPI basket.

“In the outlook, inflation is projected to trend into the medium-term target band of 8 ± 2%”.

Food inflation declined to 2.2% in April 2026 from 2.3% in March 2026 on the back of a bumper harvest. Non-food inflation, however, edged up slightly from 3.9% in March 2026 to 4.2% in April on the back of increasing utility costs.

Despite the uptick, the Bank’s core inflation measures, which exclude energy and utility items, continued to decline, highlighting that the increase in inflation was not broad based.

The core inflation measures which excluded food, (core 2 and core 4) remained above the headline at 4.2% and 4.7%, respectively, in April 2026.