Ghana’s Consumer Inflation Worsens at Almost 30% Mark

Consumer inflation has increased to 29.8% in Ghana for June, worsening from the 27.6% recorded for May. Official data showed on Wednesday that the inflation record in the country has been broken with 29% last experienced in 2004.

The country, in the middle of its economic challenges has approached the International Monetary Fund (IMF), despite holding out in the past against the move.

Citizens have been protesting against the worsening economy, amid high inflation, stunted economic growth and a struggling currency.

The increase in the prices of commodities has also seen labour unions ask for a raise in their wages commensurate to their new realities.

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The Ghanaian government has blamed external factors like the COVID-19 pandemic, the Russian-Ukraine war and the American and Chinese economic challenges as reason for the West African nation’s struggle.

Ghana has faced a downturn in fortunes recently with the IMF loan expected to help boost the nation’s recovery.

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