Inflation drops to 23.2%

The Ghana Statistical Service (GSS) has announced that the country’s inflation rate has dropped to 23.2% in December last year, the fifth consecutive decrease since August 2023.
The GSS attributed the decline in food inflation which fell to 28.7% in December 2023 as compared to the 32.2% figure recorded in November 2023.

For non-food inflation, the figure dropped to 18.7% in December 2023 from 21.7% in November 2023.

Inflation for locally produced items was 23.8% while that for imported items was 21.9% in December 2023.
Prof Samuel Kobina Annin, the government statistician, said at a monthly briefing that the slower inflation in December was due to the declining food and non-food inflation rates.
Compared to November, food inflation declined by 3.5 percentage points to 28.7 % in December, while non-food inflation declined by 3.0 percentage points to 18.7 %, he noted.
Ghana secured a 3-billion-U.S.-dollar loan from the International Monetary Fund last May to address its prolonged economic crisis, characterized by high inflation and unemployment.
In a televised speech on Saturday, President Nana Addo Dankwa Akufo-Addo said the country was experiencing a rebound in the national economy, and pledged to work strongly on the problems facing the nation