As predicted by economists and financial analysts including the Bank of Ghana, the country’s inflation has dropped further in July to 9.46%., the Ghana Statistical Service has announced. The rate for June was 9.52%.
This is the 13th consecutive drop in inflation after it hit 20.74% in June 2009.
According to the Government Statistician, Dr. Grace Bediako, the fall in inflation was due to declining food prices and prudent fiscal management of the economy.
Due to the spiraling of the inflation rate, the central bank has consistently reduced its policy rate. The commercial banks in the country have been compelled to reduce their lending rates as a result.
By Emmanuel K. Dogbevi