Ghana’s Producer Price Inflation Rises to 4.0% in July 2026

Ghana’s producer price inflation increased to 4.0% year-on-year in July 2026, up from 3.5% in June, driven largely by rising gold prices and continued increases in utility costs.

Data from the Ghana Statistical Service (GSS) show that producer prices rose by 2.0% month-on-month in July, reversing the 3.7% decline recorded in June.

The Producer Price Index (PPI) also increased to 272.6 in July, compared with 267.4 in June and 262.2 in July 2025.

Mining and utilities drive increase

Government Statistician, Dr Alhassan Iddrisu, attributed the rise in producer price inflation partly to higher global gold prices, which pushed up producer prices in the mining and quarrying sector.

The sector recorded a 12.4 percentage-point increase in month-on-month inflation, resulting in its annual inflation rate rising from 2.6% to 3.5%.

Mining and quarrying carries the largest weight in Ghana’s PPI, accounting for 43.7% of the index.

Within the sector, crude oil and natural gas extraction recorded annual inflation of 12.2%, while metal ore mining contracted by 2.3%.

Utility costs also remained elevated during the period. Electricity and gas recorded the highest annual inflation rate among the subsectors at 13.3%, followed by water supply and waste management at 10.1%.

Manufacturing and services

Producer price inflation in the manufacturing sector rose to 3.7% year-on-year in July.

Fabricated metal products recorded the highest increase within the sector at 25.9%, while leather products recorded inflation of 17.4%.

Prices of non-metallic mineral products, however, declined by 2.3%.

The services sector recorded a relatively moderate annual inflation rate of 2.5%, although some subsectors experienced significant price increases.

Motion picture production recorded inflation of 87.9%, while land transport prices increased by 23.4%.

Telecommunications prices remained unchanged during the period, recording 0.0% inflation.

Implications for businesses and consumers

Although producer price inflation remains significantly below the elevated levels recorded in previous years, the sharp month-on-month increase points to renewed cost pressures at the production level.

If sustained, these pressures could eventually feed through to consumer prices as businesses adjust to higher input costs.

The latest figures also highlight continued pressure from utility and transport costs, which could affect both household spending and business operating expenses in the coming months.