Ghana’s inflation sloping steadily since reaching an all-time high at 54.1 per cent last December, said the Ghana Statistical Service (GSS) Wednesday.
Economically, the decline in inflation does not mean the price of goods and services correspond. Ghana’s inflation recorded the highest increase since the fourth republic.
Ghana has since 2021 been grappling with its worst economic performance in decades. The government is seeking a $3 billion International Monetary Fund bailout. IMF’s approval of the loan will stabilize the economy.
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The finance minister said if the IMF does not approve the loan in March, the economy will move to junk. Ghana’s inflation rise is attributed to the high import rate in the country.
“We continue to see the dominance of food and non-alcoholic beverages in contributing to the overall inflation rate of 41.2 percent,” said Samuel Annim, the government statistician at the GSS, during the regular monthly briefing. “Compared with March, food inflation declined 2.1 percentage points to 48.7 percent in April, while non-food inflation declined 5.2 percentage points to 35.4 percent.”
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