INTERVIEW: Ghana’s Inflation Milestone: What It Means for the Region and Nigeria

A great economic success has been realized by Ghana as its inflation rate decreased to 9.4 percent in September 2025, its first single-digit inflation in four years. Driven mostly by lowering food costs and planned monetary changes, the decrease from 11.5 percent in August has been driven mainly. 

The News Chronicle spoke with Ogechi Evongwa, Territory Commercial Manager, Mondelēz International, to clarify what this means for Ghana, its people, and the larger West African area. He weighed in on the achievement and what consequences it might have for Nigeria as well.

TNC: For the first time since 2021, Ghana’s inflation has dropped to single digits. For their economy, how important is this milestone? 

Evongwa: That’s quite an accomplishment. Consumer purchasing power is directly affected by inflation; reducing it to 9.4 percent indicates better pricing stability. For Ghana, it implies that families and companies will be able to make plans more effectively, get lower-risk credit, and develop local economic trust. Moreover, it boosts investor confidence—absolutely essential for long-term expansion.

TNC: This drop was mostly driven by rising food costs. This has what impact on daily Ghanaians? 

Evongwa: Food inflation slows, therefore providing families immediate relief since food eats a major part of their household budgets. Less expensive food lowers wage stress, raises living standards, and supports small enterprises dependent on food inputs. Furthermore, lowering social unrest, as public views of government performance are mostly influenced by food costs.

TNC: From a business perspective, for companies operating in Ghana, what does reduced inflation mean? 

Evongwa: It increases predictability. Businesses can confidently arrange inventory, pricing, and salaries. Additionally, it becomes less expensive, which encourages growth as interest rates decline. For companies like ours, consumer purchasing power is relatively strong, making the market more appealing for investments and expansion.

TNC: Let’s shift to Nigeria. Ghana’s inflation milestone fits with Nigeria’s present economic woes. 

Evongwa: Nigeria might take lessons from Ghana. The central bank of Ghana made strict monetary decisions and supported reforms to keep prices under control. Particularly with food and energy prices, inflation remains a serious issue in Nigeria. Should Ghana keep up this momentum, it could boost regional competitiveness, therefore driving Nigeria to expedite its transformation. It reminds one of the returns of persistent policy implementation.

TNC: Do you see regional consequences of this trend for all of West Africa?

Evongwa: Yes, totally. Ghana’s stable inflation increases confidence in the ECOWAS region. Cross-border commerce and investment are positively toned. For Nigeria, it implies a more intense rivalry, but also opportunities, as a strong Ghanaian economy increases the general appeal of the region. Should Nigeria and Ghana manage to control inflation while spurring economic growth, it would be a win for West Africa.

The News Chronicle observed that Ghana’s single-digit inflation could inspire other African countries fighting against price volatility.

For Nigeria, especially, the lesson is evident: strong reforms and strict implementation may bring macroeconomic stability and improve investor confidence.