Ghana’s inflation rate reached its highest level since 2004 in November, rising to 50.3 per cent in November from 40.4 percent in October.

This was stated by Ghana’s government statistician, Samuel Kobina Annim, during a press briefing on Wednesday.

Only a day prior to the announcement, the West African country and the International Monetary Fund (IMF) reached a staff-level agreement regarding a $3 billion loan to help with its economic problems.

Ghana is currently in the grip of an economic crisis, which has caused significant increases in food and fuel prices, as well as a steep decline of the country’s currency.

According to the country’s statistics office, housing, water, gas, and electricity prices increased the most, by 79.1 per cent.

Furniture and household appliances came in next at 65.7 per cent, with transportation, including fuel, at 63.1 per cent.

Due to the likelihood that private creditors will sustain sizable losses during the government’s proposed debt restructuring, Ghana was further downgraded by Moody’s Investors Service into junk status in November.

The country’s credit rating was lowered by two tiers to Ca, which is Moody’s second-lowest rating. As a result, Ghana is now on par with Sri Lanka, which is in default. The downgrade comes after Ghana’s proposed 2023 budget, which includes plans to restructure both domestic and foreign debt.