Ghana’s Inflation Drops to 11.5%, Lowest Since 2021
Ghana’s annual inflation rate continued its downward trend in August, easing to 11.5% from 12.1% in July. This marks the eighth consecutive month of decline and the lowest level since October 2021, according to the Ghana Statistical Service. Both food and non-food prices slowed during the month, though food remains the largest contributor to inflation. The West African nation — a major producer of gold, cocoa, and oil — is gradually recovering from its worst economic crisis in decades. The local cedi currency has strengthened by more than 20% against the U.S. dollar so far this year. In July, the Bank of Ghana signaled confidence in the improving outlook by slashing its key policy rate to 25%, a record cut of 300 basis points. Government officials say they remain optimistic about meeting their end-of-year inflation target of 11.9%, and possibly […]
