Shopper inflation rise comes because the gold, oil and cocoa producer battles its worst financial disaster in a technology.
Ghana’s annual shopper inflation has accelerated to a brand new 21-year excessive of fifty.3 p.c in November, up from 40.4 p.c the earlier month, pushed by utilities, meals and gasoline.
That is in accordance with knowledge from the Ghana Statistical Service, launched on Wednesday.
On Tuesday, the West African nation secured a staff-level settlement with the Worldwide Financial Fund (IMF) for a $3bn, three-year help bundle. Ghana had approached the IMF in July to ask for monetary assist after hovering costs and financial hardship spurred avenue protests.
The West African gold, oil and cocoa producer is battling its worst financial disaster in a technology.
The native cedi foreign money is down round 40 p.c in opposition to the greenback this 12 months. It traded at all-time lows in November, earlier than rallying in anticipation of the IMF deal.
Authorities spending cuts and a number of other central financial institution rate of interest hikes have up to now didn’t tame inflation.
The federal government has began restructuring its home debt and is discussing a method for exterior debt restructuring, Finance Minister Ken Ofori-Atta mentioned on Tuesday.
Prices rose probably the most within the class of housing, water, fuel and electrical energy, with costs up 79.1 p.c.
Furnishings and family tools got here second at 65.7 p.c, adopted by transport, together with gasoline, at 63.1 p.c. Meals inflation was at 47.9 p.c.
Petrol costs have fallen in December because the cedi has strengthened, which may imply much less inflationary stress from the transport class this month.
Transport had the best month-on-month inflation in November at 12.8 p.c.
Early final month, a whole lot of individuals within the capital, Accra, took to the streets in protest over the hovering price of dwelling. It was the most recent in a collection of demonstrations this 12 months by residents who’re pissed off by the rampant inflation, value hikes and worsening financial state of affairs.
Rising prices have made it even more durable for folks to get by in a rustic the place a couple of quarter of the inhabitants lives on lower than $2.15 per day, in accordance with the World Financial institution.
