Inflation in Ghana rises to 31.7% in July, highest level since 2003
Ghana’s consumer inflation accelerated to 31.7% YoY in July, 2022 from 29.8% in June, data from the Bureau of Statistics showed on Wednesday. This is the highest level since December 2003, although the rate of increase has slowed for the second straight month.
Ghana’s central bank has raised interest rates by 550 basis points since November in a bid to curb inflation.
The Cedi has fallen about 30% this year, all three major rating agencies have downgraded Ghana’s government bonds to ‘junk’ status and the government has asked the International Monetary Fund for financial support.
