Ghana: Inflation, GDP deflator, linked series (annual % growth)

Key figures

What the numbers say

In 2025, Ghana's inflation, GDP deflator, linked series (annual % growth) fell 11.44 percentage points on 2024 (from 25.88% to 14.43%).

Across the 30 yearly changes before that (1995 to 2024), the average change was −0.14 percentage points and a typical year strayed about 8.53 percentage points from that (the standard deviation). This year's change was 1.3 standard deviations below that average, so it was larger than a typical year, though not out of the range seen before.

On record, the biggest yearly rise was 20.61 percentage points in 1993 and the biggest yearly fall was 20.38 percentage points in 1997. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2016 to 2025 there is no clear straight-line trend: a straight line explains 29% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2025, Ghana had the 16th highest value of the 186 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Ghana in the 2025 ranking

• Burundi — 12th of 186: 18.22%
• Ethiopia — 13th of 186: 16.68%
• Ukraine — 14th of 186: 14.47%
• Nigeria — 16th of 186: 13.86%
• Suriname — 17th of 186: 12.99%
• Somalia, Fed. Rep. — 18th of 186: 12.88%

What this measures

Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency. This series has been linked to produce a consistent time series to counteract breaks in series over time due to changes in base years, source data and methodologies. Thus, it may not be comparable with other national accounts series in the database for historical years. This indicator denotes the percentage change over each previous year of the constant price (base year 2015) series in United States dollars.

All 36 values

Inflation, GDP deflator, linked series (annual % growth) in nearby economies

• Angola — 20.49% (2025)
• Benin — 1.55% (2025)
• Botswana — 3.63% (2025)
• Burkina Faso — 8.84% (2025)
• Burundi — 18.22% (2025)
• Cabo Verde — 1.74% (2025)
• Cameroon — 2.83% (2025)
• Central African Republic — 2.34% (2025)
• Chad — -1.96% (2025)

More financial sector data for Ghana

• Domestic credit to private sector by banks (% of GDP) — 7.25% (2025)
• Net domestic credit (current LCU) — 274.47 billion (2025)
• Net foreign assets (current LCU) — 90.73 billion (2025)
• Monetary sector credit to private sector (% of GDP) — 7.91% (2025)
• Broad money (current LCU) — 414.51 billion (2025)
• Broad money (% of GDP) — 28.9% (2025)
• Broad money to total reserves ratio — 2.72 (2025)
• Claims on central government, etc. (% of GDP) — 10.6% (2025)
• Domestic credit to private sector (% of GDP) — 7.91% (2025)
• GDP deflator (base year varies by country)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
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• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Ghana's inflation, GDP deflator, linked series (annual % growth)?

14.43% in 2025, according to the World Bank (World Development Indicators).

How has it changed since 1990?

It is down 16.73 percentage points from 31.17% in 1990. The highest value was 43.05% in 1995 and the lowest 8.48% in 2019.

How does Ghana rank?

16th highest of 186 economies with data for 2025.

Is the latest change in inflation, GDP deflator, linked series (annual % growth) unusual for Ghana?

In 2025, Ghana's inflation, GDP deflator, linked series (annual % growth) fell 11.44 percentage points on 2024 (from 25.88% to 14.43%). Across the 30 yearly changes before that (1995 to 2024), the average change was −0.14 percentage points and a typical year strayed about 8.53 percentage points from that (the standard deviation). This year's change was 1.3 standard deviations below that average, so it was larger than a typical year, though not out of the range seen before.

Source

World Bank, World Development Indicators, indicator NY.GDP.DEFL.KD.ZG.AD, licensed CC BY 4.0. Original source: Staff estimates, World Bank (WB); National Accounts data files, Organisation for Economic Co-operation and Development (OECD); World Economic Outlook database, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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