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Inflation in Ghana is slowly getting tamed after peaking at 78,1% in November. According to the country’s statistics department, inflation has moderated to 52.2% in December 2022
Inflation in Ghana is slowly getting tamed after peaking at 78,1% in November. According to the country’s statistics department, inflation has moderated to 52.2% in December 2022.
Last month, consumer price inflation decelerated to 54.1% year-on-year driven by rising fuel, utilities, and food costs. The decline in month-on-month producer inflation could represent a positive sign for next month’s headline inflation figure, experts point out.
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In the meantime, available data indicates that Ghana’s troubled cedi (local currency) saw rapid appreciation against the dollar in December after a staff-level agreement for a US$3 billion IMF support package was announced, as reported by www.trendsnafrica.com recently. It has since fallen back toward record lows, giving some cheer to the crisis-ridden economy. Ghana, once the poster boy of the multilateral lending organizations for its efficient handling of the economy, of late has fallen into a grey zone because of high inflation and steady erosion of the value of the local currency. Many were comparing the worst-case scenario in the west African country to that of Sri Lanka.
