Ghana’s annual consumer inflation rose to 23.0% in November, marking the third consecutive monthly increase, up from 22.1% recorded in October, according to the country’s statistics service.
Government Statistician Samuel Kobina Annim attributed the rise to surging food prices, particularly vegetables, tubers, and plantains, which were identified as key drivers of the inflationary trend.
Despite the persistent inflation, Ghana’s central bank opted last week to maintain its main interest rate at 27.00%. The decision was influenced by concerns over high food prices, which continue to shape the nation’s elevated inflation outlook.
The West African gold and cocoa producer is navigating one of its most challenging economic crises in decades. In a significant development, the International Monetary Fund (IMF) on Monday approved the third review of Ghana’s $3 billion loan program, allowing the immediate release of approximately $360 million to support the country’s recovery efforts.
