Ghana inflation hits 22-year high amid fiscal crisis
Consumer inflation in Ghana hit 54.1% year-on-year in December, from 50.3% the previous month, the country's statistics office said on Wednesday.
Representing the highest level in 22 years, the runaway rate of inflation is driven by soaring prices for fuel, utilities and food. December inflation in the West African country is the highest since April 2001, when it was 59.7%.
The statistics office said prices rose the most in the category of housing, water, electricity, gas and other fuels, up 82.34% year-on-year, while home furnishings and equipment jumped 71.52%.
It was followed by transportation at 71.42%, while food and non-alcoholic beverage inflation was 59.71% year-on-year.
Ghana is grappling with its worst economic crisis in a generation, amid a currency crisis that has worsened the country's fiscal situation.
Last October, Ghana's currency, the Cedi, became the worst performing currency in the world after losing 45.1% of its value to the US dollar in 2022.
The cedi depreciated 3.3%, down 11.2750 to the dollar in the Ghanaian capital, in response to government talks with the International Monetary Fund (IMF) over debt restructuring.
A Bloomberg report indicates that the cedi's poor performance against the dollar makes it the worst of the 148 currencies tracked.
Ghanaian monetary authorities have entered formal negotiations with the IMF for an extended credit facility as the West African country hopes to receive up to $3 billion in loans over three years in a bid to stabilize the balance of payments.
Ghana's talks with the IMF have begun as part of a bailout to restore macroeconomic stability, with spiraling inflation sparking street protests over price hikes, taxes and other levies .
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
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Consumer inflation in Ghana hit 54.1% year-on-year in December, from 50.3% the previous month, the country's statistics office said on Wednesday.
Representing the highest level in 22 years, the runaway rate of inflation is driven by soaring prices for fuel, utilities and food. December inflation in the West African country is the highest since April 2001, when it was 59.7%.
The statistics office said prices rose the most in the category of housing, water, electricity, gas and other fuels, up 82.34% year-on-year, while home furnishings and equipment jumped 71.52%.
It was followed by transportation at 71.42%, while food and non-alcoholic beverage inflation was 59.71% year-on-year.
Ghana is grappling with its worst economic crisis in a generation, amid a currency crisis that has worsened the country's fiscal situation.
Last October, Ghana's currency, the Cedi, became the worst performing currency in the world after losing 45.1% of its value to the US dollar in 2022.
The cedi depreciated 3.3%, down 11.2750 to the dollar in the Ghanaian capital, in response to government talks with the International Monetary Fund (IMF) over debt restructuring.
A Bloomberg report indicates that the cedi's poor performance against the dollar makes it the worst of the 148 currencies tracked.
Ghanaian monetary authorities have entered formal negotiations with the IMF for an extended credit facility as the West African country hopes to receive up to $3 billion in loans over three years in a bid to stabilize the balance of payments.
Ghana's talks with the IMF have begun as part of a bailout to restore macroeconomic stability, with spiraling inflation sparking street protests over price hikes, taxes and other levies .
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
[embedded content]TEXT ANNOUNCEMENT: Call Willie - +2348098788999
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