Ghana’s producer price inflation rose to 4.8 percent year on year in September 2026, up 0.4 percentage points from 4.4 percent in August, the Ghana Statistical Service said. The increase was concentrated in production, not services. Mining and quarrying recorded inflation of 5.5 percent and contributed 2.4 percentage points of the headline rate, reflecting its 43.7 percent weight in the index, while manufacturing, with a 35 percent weight, recorded 4.6 percent and contributed 1.6 percentage points. Together the two sectors accounted for four of the 4.8 percentage points.
The rest of the index split. Industry excluding construction recorded annual inflation of 7.2 percent, up from 6.3 percent in August, construction edged up to 4.7 percent from 4.5 percent, electricity and gas contributed 0.4 percentage points, and services inflation eased to 1.4 percent from 1.8 percent. Within mining, crude oil and natural gas extraction prices rose 18.3 percent, while metal ore mining fell 2.3 percent, so the sector’s rise is an energy story more than a metals story.
The monthly pace cooled even as the annual rate rose. Producer prices increased 1.3 percent between August and September, down from 2.5 percent the previous month, which means the annual increase is partly a base effect and partly a slower, still positive, monthly climb.
The figures are provisional. Their significance for rates is the direction of the pipeline: this site reported on October 19 that the Bank of Ghana’s policy easing was passing through to lending rates, and a producer index led by mining and manufacturing costs rising at 5.5 and 4.6 percent is the kind of input that narrows how far that pass through can run if it reaches the consumer index.