Annual inflation in Ghana reached 50.3% in November, the highest in 21 years, the Ghana Statistical Service (GSS) said on Wednesday
MOSCOW (Pakistan Point News / Sputnik - 14th December, 2022) Annual inflation in Ghana reached 50.3% in November, the highest in 21 years, the Ghana Statistical Service (GSS) said on Wednesday.
"Year-on-year inflation rate for November 2022 was 50.3%... Month-on-month inflation between October and November 2022 was 8.6%," the press release said, adding that the annual inflation in October reached 37%.
According to the GSS, a spike in prices was mainly driven by housing, energy, transport, food and social services. The prices on housing, water, electricity and gas alone rose by 79.1% in annual terms in November.
Earlier in the week, the International Monetary Fund reached a staff-level agreement with Ghana on a three-year extended credit facility worth $3 billion. The program is aimed at restoring macroeconomic stability in the country, preserving public debt sustainability, conducting financial reforms to lay the "foundation for strong and inclusive recovery."
The West African country has been facing one of the worst economic crises in decades, with Ghana's cedi Currency falling down by 40% against the US Dollar in 2022 alone. To tackle the crisis and curb rampant inflation, the government applied for IMF assistance in July.
