Ghana’s Inflation Hits Nearly 30 Percent

By Xinhua 

Jul 18, 2022

People were walking at a market in Accra, the capital of Ghana, on July 14, 2022. (Photo by Seth/Xinhua)

New data released by the Ghana Statistical Service indicated that the West African nation’s inflation rate rose to 29.8 percent in June, the highest reading since December 2003.

New data released by the Ghana Statistical Service (GSS) indicated that Ghana’s inflation rate rose to 29.8 percent in June, compared with 27.6 percent a month earlier.

Samuel Kobina Annim, the Government Statistician, said at a monthly press briefing that the inflation rate for June was the highest reading since December 2003 and far above the target band of between 6 percent and 10 percent set by the Bank of Ghana, the central bank.

“At least 97 out of the 307 items recorded inflation rates higher than the national average with more than half being non-food items or locally produced items,” Annim added.

Amid rising inflation, the youth group named “Arise Ghana” staged a two-day street protest on June 28 and 29 against the hardships and high cost of living in the West African country.

Teachers in public schools also commenced a nationwide strike on July 4 after negotiations with the government for Cost of Living Allowances broke down. The nationwide strike was called off until July 14 after the government reportedly agreed to a 15 percent salary increment.