Ghana inflation for January drops to 53.6%

As the Ghana government says it has reached some 80 per cent participation in its Domestic Debt Exchange Programme in efforts to salvage an economy in crisis, the Ghana Statistical Service (GSS) announces today, that January inflation is 53.6 per cent, a dip of 0.5 per cent from 54.1 per cent in December, 2022.

According to the GSS food inflation was 61.0 per cent, and non-food inflation was 47.9 per cent.

With an economy rated as junk, the Ghana government has defaulted in paying up its debts – now hovering somewhere above 80 per cent.

Last December the government concluded a staff level agreement with the International Monetary Fund for a $3 billion financing to buoy the economy, awaiting Board approval, the government has to take some actions including restructuring its debt and establishing fiscal discipline, among others to signal to the IMF that it was ready to receive the financing.

By Emmanuel K Dogbevi
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