Inflation Rate Hits 40.4% in Ghana
Amidst calls for President’s resignation due to an ongoing economic crisis, Ghana’s consumer inflation reached a new 21-year high of 40.4% year on year in October, up from 37.2% in September.
According to the statistics service on Wednesday, the red hot inflationary uptrend moves in after a month of rapid currency depreciation deepened an economic crisis.
Heavily indebted Accra has started experiencing civil unrest as Ghanaians go on a rampage at the week.
A check on Africa’s currency performance indicates that Ghana’s cedi had one of its worst months on record in October and has lost around half its value against the dollar in 2022.
It has been Africa’s worst-performing currency this year, according to the World Bank.
More than a thousand demonstrators took to the streets of the capital Accra on Saturday to demand the president’s resignation, as fuel and food prices continue to spiral. READ: Fitch Downgrades Ghana as Accra Lost Access to Eurobond Market
Small businesses closed their doors for several days last month to protest rising costs.
The central bank has hiked its main lending rate by 10 percentage points since the start of the year in an attempt to hold back inflation and slow the cedi’s depreciation. The next monetary policy meeting is slated for the end of this month. # Inflation Rate Hits 40.4% in Ghana