Inflation In Ghana Reaches Record 54.1%, Driving Up Food Costs
In December 2022, Ghana’s inflation rate reached a record 54.1% due to rising costs for food, housing, and transportation.
Government statistician Samuel Kobina Annim told reporters on Wednesday in Accra, the nation’s capital, that the inflation rate as of November 2022 was 50.3%.
Bloomberg claims that among 120 countries, including the eurozone, the 54.1% inflation rate was the seventh-highest in the world.
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Since September 2021, the inflation rate has now exceeded the 10% cap of the nation’s central bank’s target range.
With the new rate, import inflation was 61.9%, food prices soared by 59.7%, and transportation expenses rose by 71.4%.
Before the date was announced, the national currency of the nation, the cedi, lost as much as 6.1% versus the dollar.
An economist with GCB Capital Ltd in Accra, Courage Boti, responded to the rate by saying, “I think the inflation peak is near. The policy rate will be retained given the prospect for a declining inflation rate.
The central bank may be more inclined to support growth and be more flexible when the economic decline is viewed as heading in the correct direction because economic growth is already weak and the fourth quarter GDP is expected to be even lower.
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