Business & Finance

Economist Finds Ghana’s Inflation Is 51.70%

Steve Hanke, an Economist with Johns Hopkins University has found that the inflation in Ghana is 51.70% contrary to what the Ghana Statistical Service (GSS) says.

According to the GSS, Ghana’s inflation is 29.8%.

The inflation in Ghana is driven by transport (41.6%), Household Equipment and Maintenance (39.6%), Housing, Water, Electricity and Gas (38.4%), Personal Care and Miscellaneous Goods (31.7%), Recreation, Sports and Culture (31.3%) and Food and Non-Alcoholic Beverages (30.7%), according to the GSS.

“Today, I measured inflation in GHA at a stunning 51.70%/yr”, Hanke said in a tweet.

He also noted with reference to the Bank of Ghana that the cedi had depreciated by -31% to the United States Dollar (USD) since January 2021.

The economist described the cedi as a central bank junk.

“In #Ghana, the #cedi is on its back foot. Today, I measure inflation in GHA at a stunning 51.70%/yr, and the cedi has depreciated by ~31% against the USD since Jan. 1, 2020. The cedi is a central bank junk currency.”

Source: Fuseini

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