Official data showed Ghana’s inflation accelerated to 27.6% year-on-year in May from 23.6% in April, marking the highest level in 18 years and a full year of accelerating price growth in the West African nation.
The central bank of Africa’s second-largest producer of gold and cocoa raised its key interest rate in March and again in May to try to bring down fast-paced inflation, but so far this has not stopped prices rising.
Ghana’s currency, the cedi, has fallen about five percent against the dollar since May 9 and more than 21 percent since the start of the year, as analysts warn of a looming debt crisis.
Food prices in Ghana jumped 30.1 percent year-on-year in May, while oils, fats, water and grain products rose the most this year.
About 20% of Ghana’s grain comes from Russia, which is at war with Ukraine, which has sent the prices of global commodities such as wheat and oil skyrocketing.
Source: El Iktisad
