Ghana’s Inflation Rate Reduces to 20.9% in July

Ghana has continued its inflation slowdown for the fourth straight month since April. According to data from the Ghana Statistical Service, inflation has decreased by 190 basis points, reaching 20.9 per cent year-on-year.

Government Statistician, Professor Samuel Kobina Enim, noted that while this represents a slight decrease from June’s 22.8 per cent, the inflationary pressure remains strong.

The persistent rise in prices is largely driven by food inflation, which remains a significant concern. Food inflation stood at 21.5 per cent in July, outpacing non-food inflation, which was recorded at 20.5 per cent. This gap shows the growing impact of rising food costs on Ghana’s economy.

Additionally, the inflation rate for locally produced items reached 23.3 per cent, significantly higher than the 15.6 per cent for imported goods. This disparity suggests that there are challenges within the local supply chain.

The ongoing inflationary trend is reportedly increasing pressure on Ghanaian households and businesses. As prices continue to rise, the government faces growing calls to implement effective measures to curb inflation.

Read Also: Just In: Nigeria’s Food Inflation Increases by 12% in One Year, Headline Inflation Drops by 0.8% in July – NBS

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