Ghana’s annual inflation rate rose for the second consecutive month in October, reaching 22.1%, up from 21.5% in September, according to the national statistics office on Wednesday. Government Statistician Samuel Kobina Annim noted that both food and non-food inflation accelerated last month, with food and non-alcoholic beverages, housing, water and fuel, and transport sectors contributing around two-thirds of the overall inflation rate.
The October inflation rate marked the highest level since June, underscoring the persistent economic challenges facing the cocoa-, gold-, and oil-rich West African nation as it strives to recover from its most severe economic crisis in decades.
Amid these inflationary pressures, Ghana’s debt restructuring process has made significant progress, with creditors recently approving a restructuring plan for $13 billion in international bonds. Additionally, Ghana reached an agreement with the International Monetary Fund (IMF) on the third review of its $3 billion loan program, which aims to stabilize the economy and support long-term recovery.
