Friday, September 30, 2022

Ghanaians battle economic hardship as inflation hits record high in 21 years

On Wednesday, Ghana Statistical Services (GSS) said consumer inflation climbed to 33.9 per cent annually in August from 31.7 per cent.

• September 15, 2022
Nana Akufo-Addo
President Nana Akufo-Addo of Ghana (Photo Credit: @GhanaPresidency)

Ghana’s inflation rate climbed to a record high in 21 years in August as the price of imported goods skyrocketed, fuelled by a slide in the West African country’s currency, the cedi.

On Wednesday, Ghana Statistical Services (GSS) said consumer inflation climbed to 33.9 per cent annually in August from 31.7 per cent.

The statistics service noted that prices for imported items jumped by 35.2 per cent in August, against 33.4 per cent for the prices of local items. 

Transportation, including fuel, saw the second-highest price increases, behind housing, water, electricity and gas.

Oils and fats were reported as the biggest drivers of food inflation, coming in at 34.4 per cent on a year-on-year basis in August. 

The figures are the highest inflation reading since August 2001, despite the Bank of Ghana holding an emergency meeting in August and raising its benchmark interest rate to a record-high of 22 per cent

Bloomberg report noted that the country’s currency, the cedi, depreciated by more than 30 per cent since the beginning of the year as Ghana struggles to check skyrocketing prices caused partly by Russia’s invasion of Ukraine.

In June, Ghanaians took to the streets protesting the surge in prices and the high cost of living. 

In July, the Ghanaian government initiated a 15 per cent cost of living allowance for civil servants in the country.

The cost of living allowance (COLA) enables public workers to earn an extra 15 per cent of their basic salary, excluding benefits and bonuses.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette



Court nullifies Oyetola’s nomination as APC Osun guber candidate

The court said the decision to forward the names of Mr Oyetola and his deputy governorship candidate amounted to a nullity in law.

Peter Obi


2023: Peter Obi announces campaign website, calls for donations

The Labour Party presidential flagbearer announced a website for donations collection for his presidential bid in a tweet on Friday.

Colonel Paul-Henri Sandaogo Damiba


Army captain announces overthrow of Burkina Faso’s military government

This is the second coup witnessed by the African country since January of this year.


Enugu govt to execute road repairs in dry season: Commissioner

Traffic would be obstructed on major arterial and connecting roads in the affected areas, especially in Enugu metropolis.

Naira and Dollars


I&E Window: Naira constant, exchanges at 437.03 to dollar

An exchange rate of N441 to the dollar was the highest rate recorded within the day’s trading before it settled at N437.03.


LWC urges security agencies to arrest water pipe vandals

Management of the Lagos Water Corporation has appealed to security agencies to help in recovering the stolen pipes.