Ghana’s producer price inflation (PPI) rose modestly to 3.2% in September 2025, up 0.2 percentage points from August, according to the latest figures released by the Ghana Statistical Service (GSS). While the increase signals marginal upward pressure on producer costs, the figure marks a steep decline from the 30.5% recorded in September 2024, underscoring a significant easing of inflationary trends across production sectors.
The GSS report also indicated that on a month-on-month basis, prices received by producers rose by 0.9% in August, reflecting ongoing adjustments to input costs and supply chain factors.
A sectoral breakdown showed mixed trends across key industries. Mining and Quarrying, which accounts for the largest share of the PPI at 43.7%, saw a slight uptick from 4.9% to 5.0%. Manufacturing, another critical sector, recorded a minor increase from 1.6% to 1.7%, suggesting modest cost pressures within industrial production. In contrast, the Transport and Storage sector continued to experience deflationary trends, with prices falling by 8.2% in September—a development analysts link to stabilised fuel prices and efficiency improvements in logistics.
The GSS noted that the overall moderation in annual producer price growth reflects relative stability in exchange rates, lower import costs, and improved supply chain efficiency compared to the high volatility of 2024. However, it cautioned that sector-specific cost pressures—particularly in energy, raw materials, and logistics—could still influence future price movements.
In its advisory, the GSS encouraged businesses to seize the opportunity presented by the easing inflation environment to cut operational waste, enhance productivity, and reinvest in technology and innovation. “Producers should focus on efficiency gains and leverage current inflation trends for long-term competitiveness,” the agency said.
It also urged the government to sustain fiscal and structural interventions that could stabilise production costs and stimulate industrial output. Key recommendations included targeted tax relief for manufacturers, improvements in energy affordability, support for local transport systems, and policies to strengthen domestic supply chains.
For households, the statistical agency advised mindful spending and price comparison to maximise the value of income amid the gradual recovery of the economy. “Spend with intention to stretch income and reward fair pricing,” the GSS said, adding that consumers play a crucial role in supporting ethical pricing behaviour among producers and retailers.
Analysts say the subdued inflation figures could provide policymakers with room to maintain a balanced monetary stance, particularly as Ghana continues to stabilise under its debt restructuring framework and international financial support. The gradual moderation in producer prices is expected to ease pressure on consumer inflation, potentially improving purchasing power and business confidence in the months ahead.
