Ghana

Ghana’s inflation rate increased to 43.1% in July, reaching the highest level in four months due to rising food costs which puts more pressure on the central bank to continue raising interest rates in the coming month. 

In a significant move to combat surging inflation, Ghana’s monetary policy committee has made a decisive decision, voting to increase the country’s benchmark interest rate to a substantial 30%.

After reaching a more than two-decade high of 54.1% in December, inflation had gradually declined for four consecutive months until April. However, annual inflation accelerated to 42.5% in June, up from 42.2% in May, according to Government Statistician Samuel Kobina Annim.

The Ghana Statistical Service (GSS) has announced that the country’s Gross Domestic Product (GDP) increased in the first quarter of 2023.