Ghana’s Inflation Rate Eases to 22.8% in June Amid Economic Reforms

According to the Ghana Statistical Service (GSS), the country’s inflation rate declined from 23.1 percent in May to 22.8 percent in June.

Samuel Kobina Annim, the government statistician at GSS, pointed out that the slight decrease in inflation, from 23.1 percent in May to 22.8 percent in June, is a significant development. He attributed this to a reduction in non-food inflation during June.

Annim noted that non-food inflation dropped by two percentage points to 21.6 percent, while food inflation rose by 1.4 percentage points to 24 percent.

Annim added that the inflation rates for locally produced items stood at 25 percent, whereas imported items recorded a lower rate of 17.5 percent. This difference in inflation rates between locally produced and imported items provides a clear picture of the inflation dynamics in the Ghanaian economy.

Ghana, a country known for its exports of gold, cocoa, and crude oil, is currently implementing economic reforms. These reforms, crucially supported by a substantial USD 3 billion loan from the International Monetary Fund (IMF), are aimed at revitalizing the economy.

They specifically target the challenges of high inflation, a volatile exchange rate regime, and the accumulation of debt in recent years.

Source:newsghana.com.gh