The Ghana Statistical Service (GSS) reported on Wednesday, December 14, that the country’s annual consumer inflation rose to 50.3% in November, up from 40.4% the previous month.
The Service indicated that costs rose the most in the category of housing, water, gas and electricity, with prices up 79.1 percent.
The Furnishings and Household equipment followed at 65.7 percent, followed by transport, including fuel, at 63.1 percent. Food inflation was at 47.9 percent.
Petrol prices have fallen in December as the cedi has strengthened, which could mean less inflationary pressure from the transport category this month.
Over the past few months, Ghana has been facing a severe economic crisis that triggered a restructuring of its local debts last week. The country also announced a deal with the IMF for a $3 billion bailout.
Ghana’s inflation rate was just 13.6% in January this year but has continued to surge as the Cedi, the national currency, continues to depreciate, thereby triggering a fiscal crisis in the cocoa and gold producing country.
Already, the Finance Minister, Ken Ofori-Atta, hinted on Tuesday that the government had started restructuring its domestic debt and is discussing a strategy for external debt restructuring,.
