Ghana’s inflation rises as food prices surge

Ghana’s consumer inflation increased in September 2024 after slowing for five consecutive months, driven by an increase in food prices.

Ghana’s statistics service announced this on Wednesday, October 2, 2024.

Inflation quickened to 21.5% year-on-year in September from 20.4% in August, the statistics service said.

Ghana’s government statistician Samuel Kobina Annim told a news conference that the increase was due to a 3 percentage point jump in food inflation.

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“This five-month successive decrease in the rate of inflation has been reversed in the month of September with food recording a higher rate,” Reuters quoted Annim as saying.

Last week, in response to improving economic indicators, including inflation, Ghana’s central bank reduced its main interest rate (GHCBIR=ECI), by 200 basis points to 27%, marking its first rate cut since January.

The cocoa, gold, and oil-producing West African country is battling to emerge from its worst economic crisis in a generation.

The Star