Ghana inflation rate for December 2022 up 54.1%

With stifling public debt hovering above 80 per cent of GDP, and an economy rated as junk by all the important credit rating agencies, Ghana records an inflation rate of 54.1 per cent for the month of December 2022 – the highest in 21 years. In November the inflation rate was 50.3 per cent.

The Ghana Statistical Service (GSS) today announced that the prices of housing, water, electricity, gas and other fuels rose the most up 82.34 per cent year-on-year, followed by furnishings and household equipment at 71.52 per cent, and then transport at 71.42 per cent. Food and non-alcoholic beverages inflation was at 59.71 per cent year-on-year.

In November food inflation was 55.3 per cent, while month-on-month food inflation was 4.1 per cent. Non-food inflation was 49.9 per cent. Last month’s non-food inflation was 46.5 per cent and month-on-month non-food inflation was 3.6 per cent.

According to the GSS, inflation for locally produced items was 51.1 per cent while inflation for imported items was 61.9 per cent.

Faced with a tanking economy, the country has sought International Monetary Fund (IMF) assistance. After a staff level agreement for financial assistance of $3 billion, the country is waiting IMF board approval.

By Emmanuel K Dogbevi
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