Ghana’s inflation rate climbed to the highest level in more than 18 years in April, jumping to 23.6% from a previous 19.4% in March. This is the highest rate since January 2004.
According to the Government Statistician Samwel Kobina Annim, food-price growth surged to 26.6% year-on-year from 22.4% in March, while non-food inflation increased to 21.3% in April from 17% the previous month. Prices jumped 5.8% in the month.
Headline inflation, stoked by higher costs of imported goods such as cooking oil and gasoline due to the war in Ukraine and Indonesia’s ban on palm oil exports, is now more than twice the top of the central bank’s target band of 6% to 10%, and has been above the range for eight months.
For the first time in 29 months, imported items surpassed locally produced items.
Despite the impacts of the COVID-19 pandemic, Ghana economy grew by 5.4% in 2021, ten times higher the 0.4% growth recorded in 2020.
The economy recorded a GDP growth rate of 6.9%, with the size of the economy provisionally standing at GH¢459.130 billion.