Ghana’s annual inflation rate increased from 23 percent in November of last year to 23.8 percent in December, the Ghana Statistical Service (GSS) said Wednesday.
“The rise in inflation for December marked the fourth consecutive increase in the rate since September 2024,” said GSS Government Statistician Samuel Kobina Annim.
Annim noted that the increase was due to higher food inflation during the month under review.
Compared to the previous month, food inflation climbed 1.9 percentage points to 27.8 percent in December, while non-food inflation declined by 0.4 percentage points to 20.3 percent, the statistician explained.
The West African cocoa, gold, and crude oil exporter commenced economic reforms in May 2023, backed by a loan of 3 billion U.S. dollars from the International Monetary Fund to cure its structural weaknesses that had led to spiraling inflation rates, ballooning public debts, and a volatile exchange rate regime.
Ghanaian President John Dramani Mahama, sworn in on Tuesday, has promised to further revive Ghana’s economy.
