Ghana’s inflation rate hits 21-year high 37.2%
Ghana’s inflation rate surged past its 21-year record high in August as its annual inflation rate climbed to 37.2 per cent in September from 33.9 recorded in August 2022.
On Wednesday, the Government Statistician of Ghana, Samuel Kobina Annim, disclosed to journalists that the Ghana Statistical Services would change the reference year from 2018 to 2021 and update historical figures.
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.
A 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 price surge 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.
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
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Heading 1
FG, Katsina launch initiative to reduce maternal, neonatal deaths
He revealed that 172 local government areas across Nigeria were affected by high rates of maternal and neonatal deaths.
Hot news Home top
Plateau Killings: Amnesty urges Tinubu to end ‘cycle of bloodshed’
Amnesty said the Nigerian government’s response to the violence has been largely ineffective.
States
Easter: FRSC urges motorists in Kano to obey traffic rules
Mr Matazu said the command deployed personnel and patrol vehicles across highways.
Economy
U.S. trade tariffs will boost China-Nigeria trade ties: Chinese Envoy
Mr Yu reiterated China’s commitment to expanding market access, particularly for least-developed countries in Africa.
Abuja
Three NDLEA officers shot during raid in Abuja
Mr Marwa spoke with the injured officers by phone to wish them a speedy recovery.
States
Easter: AIG Zone 2 assures Lagos, Ogun residents of adequate security
The police boss enjoined youths in both states to be law -abiding, maintain peace and order during the celebrations.
