Ghana's inflation Rate Declines to 52.8%

Ghana’s inflation Rate Declines to 52.8%

Ghana’s consumer inflation slowed to 52.8% year on year in February from 53.6% in January, the statistics service said on Wednesday.

The decline reported was the second consecutive month that inflation has slowed since reaching a more than a two-decade high of 54.1% in December 2022, according to data released.

The ghanaian government is facing its worst economic crisis in a generation and is in the process of restructuring its debt.

The need to restructure debt was in

order to secure a $3 billion loan from the International Monetary Fund (IMF).

There have been other efforts to drive home growth but pressure remains tough amidst sovereign rating downgrade.

Following the macroeconomics dislocation in the country, global ratings agency downgrade Ghana credit worthiness with outlook keeping at negative.

Like other African countries, pressure on the economy was a spillover from covid-19 outbreak on Ghanaian economy.

Then, Russian – Ukraine war disrupt supply chain further, causing an upward adjustment in consumer price index not only in Ghana but across the world.

Recall that government started processes to settle payments on outstanding domestic bonds on March 13 and holders of those bonds should receive their payments within the next 24 hours, the finance ministry said on Tuesday.

The initial instruction covers coupon and principal payments on bonds that matured on Feb. 6 and Feb. 13, 2023. Ghana has to restructure its debt to secure a $3 billion International Monetary Fund bailout.

Amidst steep inflation rate condition couple with weak cedis, Ghanaian monetary authority hiked its main lending rate by 13.5 percentage points in the past year in an effort to contain price rises. #Nigerian Banks Give Fresh Update on Naira Swap

Previous articleFG Shifts 2023 Census to May
Next articleSelloffs Drag Nigerian Exchange Lower by N67bn