By John Ikani
Ghana’s consumer price increases have eased for the fifth month in a row, dropping to 20.4% in August compared to 20.9% in July, according to a government announcement on Wednesday.
The head of the statistics service, Samuel Kobina Annim, stated during a press conference that the recent decrease was partially attributed to lower food costs.
While inflation is gradually declining, it still significantly exceeds the central bank’s medium-term goal of 8%, with a permissible range of 2 percentage points above or below.
In July, Finance Minister Mohammed Amin Adam predicted that inflation in the West African country would decrease to 15% by the end of 2024, and he noted that the economy was recovering more quickly than anticipated.
The West African nation, a producer of cocoa, gold, and oil, is striving to overcome its most severe economic downturn in decades.
It has proposed to holders of approximately $13 billion of its international bonds that they exchange their current bonds for new ones, with the offer expiring on September 30th.
