Ghana inflation soared to 21-year excessive above 50% in November | Inflation Information

Shopper inflation rise comes because the gold, oil and cocoa producer battles its worst financial disaster in a era.

Ghana’s annual shopper inflation has accelerated to a brand new 21-year excessive of fifty.3 p.c in November, up from 40.4 p.c the earlier month, pushed by utilities, meals and gasoline.

That is in accordance with information from the Ghana Statistical Service, launched on Wednesday.

On Tuesday, the West African nation secured a staff-level settlement with the International Monetary Fund (IMF) for a $3bn, three-year assist package deal. Ghana had approached the IMF in July to ask for monetary assist after hovering costs and financial hardship spurred road protests.

The West African gold, oil and cocoa producer is battling its worst financial disaster in a era.

The native cedi forex is down round 40 p.c towards the greenback this 12 months. It traded at all-time lows in November, earlier than rallying in anticipation of the IMF deal.

Authorities spending cuts and several other central financial institution rate of interest hikes have up to now did not tame inflation.

The federal government has began restructuring its home debt and is discussing a method for exterior debt restructuring, Finance Minister Ken Ofori-Atta stated on Tuesday.

Prices rose probably the most within the class of housing, water, gasoline and electrical energy, with costs up 79.1 p.c.

Furnishings and family tools got here second at 65.7 p.c, adopted by transport, together with gasoline, at 63.1 p.c. Meals inflation was at 47.9 p.c.

Petrol costs have fallen in December because the cedi has strengthened, which may imply much less inflationary strain from the transport class this month.

Transport had the best month-on-month inflation in November at 12.8 p.c.

Early final month, a whole lot of individuals within the capital, Accra, took to the streets in protest over the hovering price of dwelling. It was the most recent in a sequence of demonstrations this 12 months by residents who’re annoyed by the rampant inflation, worth hikes and worsening financial state of affairs.

Rising prices have made it even tougher for folks to get by in a rustic the place a few quarter of the inhabitants lives on lower than $2.15 per day, in accordance with the World Financial institution.