Ghana’s fight against inflation may be entering a more difficult phase as rising fuel prices, increasing transport costs and possible food supply pressures threaten to slow the country’s recent progress in stabilising prices, Deloitte has warned in its latest inflation outlook.
The warning follows a slight rise in inflation to 3.4 per cent in April 2026, up from 3.2 per cent in March. The increase marked the first uptick after 15 straight months of declining inflation, raising concerns that fresh price pressures may be building across the economy.
According to Deloitte, the recent increase in fuel prices could quickly spread through the wider economy, affecting transport fares, utility costs, logistics and the prices of goods and services. The firm noted that in Ghana, fuel price hikes rarely remain limited to filling stations, as they often trigger increases in food prices, production costs and service charges.
Month-on-month inflation also jumped sharply to 1.0 per cent in April from 0.1 per cent in March, recording the highest monthly increase since February 2025.
Deloitte believes the Bank of Ghana may now adopt a more cautious approach to interest rate cuts despite the significant drop in inflation over the past year. The firm said renewed pressure from fuel costs, food prices and exchange rate risks could complicate efforts to maintain price stability.
While food inflation eased slightly to 2.2 per cent in April from 2.3 per cent in March, Deloitte warned that the trend may not last. Seasonal declines in the supply of staple foods such as maize, rice and cassava could push food prices upward in the coming months.
The report said the recent moderation in food inflation had largely been supported by improved local food supply, favourable farming conditions and the relative stability of the cedi, which helped reduce the cost of imported agricultural inputs.
Non-food inflation, however, continued to rise, climbing to 4.2 per cent from 3.9 per cent in March. Deloitte attributed the increase mainly to higher fuel prices, transport costs and persistent pressures within housing and utility services, including electricity, gas and water.
The report also warned that any renewed exchange rate volatility could increase the cost of imported goods and services, further adding to inflationary pressure.
Among the sectors recording the highest inflation rates in April were Housing, Water, Electricity, Gas and Other Fuels at 12.48 per cent, Insurance and Financial Services at 7.9 per cent, Education Services at 7.5 per cent, Restaurants and Accommodation Services at 7.5 per cent, and Recreation, Sports and Culture at 4.8 per cent.
Deloitte said the recent gains in reducing inflation remain fragile and could easily come under pressure if global oil prices remain high or domestic transport fares are adjusted upward.
Although the Bank of Ghana has started easing monetary policy following the sharp fall in inflation, the firm said policymakers may now face the difficult task of balancing economic growth with the need to prevent inflation from rising again.
For many households and businesses, the immediate concern remains the impact of fuel prices on transport, food distribution, utilities and operating costs, all of which directly affect the cost of living.
Deloitte stressed that Ghana’s inflation battle is not lost, but warned that the period of rapid disinflation may be ending, with the country now entering a more delicate phase where sustaining price stability could prove increasingly challenging.
