GHANA’S consumer inflation rate eased for the fourth consecutive month in July, declining to 20.9 percent year on year, down from 22.8 percent in June, according to the latest data released by the Ghana Statistical Service on Wednesday.
Addressing the press, Government Statistician Samuel Kobina Annim attributed the continued decline to decreases in both food and non-food inflation categories. The slowdown offers a glimmer of hope for the West African nation, which has been grappling with a severe economic crisis exacerbated by soaring inflation rates.
Ghana, a major producer of cocoa, gold, and oil, has been striving to stabilise its economy amid global economic pressures. The country recently achieved a significant milestone in its efforts to restructure its international debt, with official creditors agreeing that the proposed rework is balanced and not excessively favourable to bondholders.
The slowdown in inflation is seen as a positive step toward economic recovery, but the country still faces challenges as it seeks to fully emerge from its financial difficulties. Continued efforts to stabilise the economy and manage debt are critical as Ghana moves forward
About The Author
