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
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 2
Two suspects nabbed as NAPTIP receives rescued victims of human trafficking in Kano
“Out of the 51 victims, two are from Niger Republic, while others were from Kano, Katsina, Yobe and Jigawa states,” he said.
Heading 5
Unemployed man jailed six months for stealing motorcycle
He said the offence was contrary to Section 383 and punishable under Section 390 (10A) of the Criminal Code Laws of Oyo State 2000.
Hot news Home top
Army dismisses two soldiers for stealing armoured cables at Dangote refinery
He assured the public of the army’s dedication to upholding integrity, discipline and accountability at all levels.
Politics
Kogi tribunal orders Cardoso to appear Tuesday over CBN’s role in guber poll
The CBN governor is to appear to give some explanations on the role of the apex bank in the November 11, 2023, off-cycle election in Kogi.
Hot news Home top
Terrorism-related deaths reduced from 2,600 monthly to 200 under Tinubu’s government: NSA
The NSA said that so far, the counter-terrorism efforts of the present administration have yielded tremendous results.
States
Police raid black spots in Lagos, arrest 1,802 suspects
Mr Hundyin said the exercises were carried out by area commands, divisions, and tactical teams, including the rapid response squad.
