Ghana Inflation Hits Record High 33.9%

Ghana’s consumer inflation reached nearly 34% in August, the highest since 2001, despite a historic rate increase by the central bank.
Consumer inflation in the West African country climbed to 33.9% annually in August from 31.7% in July, according to new figures released by the statistical service Wednesday.

Addressing the media in Accra Wednesday, the head of the service, Samuel Kobina Annim, said the inflation rate was mainly driven by high fuel prices that are affecting transport fares and utility costs.

The surge in prices, high cost of living and the steep fall of the Ghanaian cedi sparked street protests in the capital in June.
Annim cautioned against focusing too much on bad news.

"We need to be careful when we are only looking at just the negative side of what potentially might happen to our economy going forward with all the increases and the global economy. Inasmuch as all those challenges are confronting us, we should also look at some positives that are happening in terms of government interventions."

Last month, Ghana’s central bank raised its benchmark interest rate to a record-high 22% in a bid to curb inflation.

The government is also in talks with the International Monetary Fund for a bailout of around $3 billion to strengthen the ailing economy.