Ghana

Ghana Statistical Service reported its inflation rate rose to 40.4% for the month of October 2022 as the cost of goods and services continue to surge in the West African nation.

The Ghanaian cedi has lost 72% of its value against the US dollar since the start of the year.

The annual consumer inflation maintained an upward surge in Ghana, increasing to 33.9 percent in August, the Ghana Statistical Service said Wednesday.

Ghana’s central bank has raised its interest rate by 300 basis points to 22% to tame inflation and stabilize the nation’s tumbling exchange rate at a special monetary policy meeting on Wednesday, August 17.