RFA Breakfast Paper - August 6, 2026
Ghana's Inflation Eases as Food and Imported Price Pressures Moderate
Annual inflation in Ghana slowed to 4.6% in July 2026 from a six-month high of 5.3% in June, marking the first monthly decline after three consecutive increases. The moderation was primarily driven by food inflation, which eased to 3.1% from 3.9%, while non-food inflation also edged lower to 6.1% from 6.3% as a more stable exchange rate helped contain imported price pressures. Reflecting this trend, the cost of imported goods rose by 2.0% year-on-year, down from 2.3% in June, indicating that exchange rate stability continued to cushion the impact of external inflation. On a monthly basis, consumer prices increased by just 0.1%, slowing from a 0.2% rise in the previous month. The latest data suggest that inflationary pressures in Ghana are easing once again, reinforcing the broader disinflation trend and potentially providing the Bank of Ghana with greater flexibility to maintain an accommodative monetary policy stance if inflation continues to move sustainably toward its target.
U.S. Stocks Edge Lower Ahead of Jobs Report as Oil Prices Rise
U.S. equity markets closed mostly lower on Thursday, with the S&P 500 declining 0.2% as investors awaited Friday’s July nonfarm payrolls report. Geopolitical developments remained in focus amid reports of progress toward an agreement to reopen the Strait of Hormuz, although uncertainty around its implementation continued to support oil prices, with WTI crude rising roughly 3.6%. Economic data remained broadly supportive, with initial jobless claims holding at a low 199,000 last week, indicating limited layoffs, while second-quarter labor productivity exceeded expectations. Investors will now look to the payrolls report for further clues on the health of the labor market and the outlook for monetary policy.
NGX Extends Gains as Bargain Hunting Supports Blue-Chip Stocks
The Nigerian equity market extended its positive momentum on Thursday, with the NGX All-Share Index (NGX-ASI) and Market Capitalization both rising by 0.12%. Despite negative market breadth, sustained bargain hunting in medium- and large-cap stocks supported the modest advance. The NGX-ASI gained 297.10 points to close at 245,209.34, while Market Capitalization increased by ₦191.78 billion to ₦158.28 trillion. ETERNA led the gainers with a 10.00% advance, followed by AVACAP, LEGENDINT, FCMB, HONYFLOUR, and PZ. On the downside, FTGINSURE fell 10.00%, followed by ETI, CHELLARAM, THOMASWY, UPDC, and CONHALLPLC. Market breadth remained negative, with 24 gainers against 35 losers.
