Ghana inflation soared to 21-year high above 50% in November

Client inflation rise comes because the gold, oil and cocoa producer battles its worst financial disaster in a era.

In November, tons of of individuals took to the streets in protest over the hovering price of residing [File: Francis Kokoroko/Reuters]

Ghana’s annual shopper inflation has accelerated to a brand new 21-year excessive of fifty.3 % in November, up from 40.4 % the earlier month, pushed by utilities, meals and gasoline.

That is in keeping with knowledge from the Ghana Statistical Service, launched on Wednesday.

On Tuesday, the West African nation secured a staff-level settlement with the Worldwide Financial Fund (IMF) for a $3bn, three-year assist bundle. Ghana had approached the IMF in July to ask for monetary assist after hovering costs and financial hardship spurred avenue protests.

The West African gold, oil and cocoa producer is battling its worst financial disaster in a era.

The native cedi forex is down round 40 % in opposition to the greenback this 12 months. It traded at all-time lows in November, earlier than rallying in anticipation of the IMF deal.

Authorities spending cuts and a number of other central financial institution rate of interest hikes have to date did not tame inflation.

The federal government has began restructuring its home debt and is discussing a method for exterior debt restructuring, Finance Minister Ken Ofori-Atta mentioned on Tuesday.

Prices rose essentially the most within the class of housing, water, gasoline and electrical energy, with costs up 79.1 %.

Furnishings and family tools got here second at 65.7 %, adopted by transport, together with gasoline, at 63.1 %. Meals inflation was at 47.9 %.

Petrol costs have fallen in December because the cedi has strengthened, which may imply much less inflationary strain from the transport class this month.

Transport had the very best month-on-month inflation in November at 12.8 %.

Early final month, tons of of individuals within the capital, Accra, took to the streets in protest over the hovering price of residing. It was the newest in a collection of demonstrations this 12 months by residents who're annoyed by the rampant inflation, worth hikes and worsening financial state of affairs.

Rising prices have made it even tougher for folks to get by in a rustic the place a few quarter of the inhabitants lives on lower than $2.15 per day, in keeping with the World Financial institution.