RFA Breakfast Paper - October 7, 2026
Ghana Inflation Rises to 5.2% in September
Ghana's annual inflation rate rose to 5.2% in September from 5.0% in August, a second consecutive monthly acceleration, according to the Ghana Statistical Service, though below Trading Economics' 5.4% forecast. Food inflation drove the increase, climbing to 4.0% from 3.0%, while non-food inflation eased to 6.2% from 6.8% and services inflation softened to 8.3% from 8.6%. Month-on-month, consumer prices rose 0.8%, double August's 0.4%. Headline inflation remains well below the Bank of Ghana's 8% medium-term target, leaving the 14.0% policy rate, held for a third straight meeting in September, with a real return of roughly 880bps. The central bank has, however, flagged upside risks from higher energy and fertiliser costs tied to the Middle East conflict, alongside current account and reserve vulnerabilities. A turn higher in food prices weakens the case for near-term easing and keeps the focus on external buffers.
High Yields Pull S&P 500, Nasdaq Lower
U.S. equities retreated as Treasury yields held near their highest levels since 2002, with the 10-year touching 5.365% intraday before a strong auction pulled long-end yields back. The S&P 500 and Nasdaq each fell 0.22%, the Dow lost 0.66% and small caps underperformed. Minutes from the Fed's September meeting showed all 19 policymakers backed the hike, with most favouring another by year-end; markets price about 78% odds of a December move. Meta fell 2.4% and Nvidia 0.7%, while pharmaceuticals and consumer staples gained.
NGX Extends Losing Run to Sixth Session
The NGX All-Share Index eased 0.07% to 250,096.75, extending its losing run to six sessions and trimming market capitalisation by ₦110.16 billion to ₦162.39 trillion. Banking led sectoral declines, down 0.36%, as UBA (-1.22%), Access Holdings (-0.99%), GTCO (-0.75%) and Wema Bank (-3.02%) slipped, partly offset by Zenith Bank (+0.22%) and Stanbic IBTC (+1.11%). Breadth was negative at 23 gainers to 30 losers. Tripple Gee (+9.96%) and CMFC (+9.86%) led gainers; Thomas Wyatt (-9.74%) and Sovereign Trust Insurance (-7.60%) led losers. Turnover fell 22.8% to 446.91 million shares worth ₦23.0 billion as investors stayed cautious ahead of Q3 earnings.
