Ghana’s Inflation Sees A Plunge
The fourth consecutive inflation rate decline has been recorded in Ghana according to the statistical service of Ghana.
From 53.6% in January, 52.8% in February and 45% in March, the rate now stands at 41.2% in April 2023, the Ghana Statistical Service (GSS) relayed.
Ghana recorded a 48.7% food inflation rate and a 35.4% non-food Inflation rate in April.
Additionally, inflation for locally produced items was 38.2% whiles inflation for imported items was 43.1%.
Furnishings, household equipment routine household equipment; Housing, water, electricity, gas and other fuels; food and non-alcoholic beverages; personal care, social protection and miscellaneous goods and service; and Transport recorded inflation rates higher than the national average.
The Western North region maintained its title as the region with the highest inflation rate, highest food inflation rate and highest non-food inflation rates at 64%, 78.3% and 46.6% respectively.
It appears the incessant increase in Monetary Policy Rate (MPR) is driving down the inflation rate which skyrocketed in 2022.
But the government says this is a result of its progress in the International Monetary Fund (IMF) bailout process.
“Already the progress we have made in securing the IMF Staff Level Agreement, in the debt exchange programme, and the implementation of key structural reforms, are yielding benefits.
“Inflation is decelerating, interest rates on government treasury notes are declining, the depreciation of the cedi is slowing down, and GDP growth for 2022 has performed beyond expectations,” President Akufo-Addo said during the 2023 May Day Celebration.
