Ghana Inflation Hits 5.2 Percent in September

Ghana’s consumer inflation quickened for the second consecutive month in September, rising to 5.2 per cent year-on-year from 5.0 per cent in August, according to official data released Wednesday.

Government Statistician Alhassan Iddrisu attributed the uptick primarily to persistent price increases in non-food items.

Iddrisu explained during an online press briefing that non-food inflation hit 6.2 per cent, significantly outstripping food inflation at 4.0 per cent and accounting for nearly two-thirds of the total index.

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He emphasised that domestic factors drive the majority of price growth, with goods and services produced within the West African nation generating about 86 per cent of overall inflation.

Ghana inflation hits 5.2 per cent in September (News Central TV) — A general view of the Makola market, one of the country’s largest trading centres in Accra, Ghana, March 26, 2022. Picture taken March 26, 2022. Credit: REUTERS/Francis Kokoroko

The inflation figures follow the Bank of Ghana’s decision in September to hold its benchmark interest rate steady for a third consecutive meeting.

Central bank officials expect inflation to move upward into their official target range of 6 per cent to 10 per cent over the coming quarters.

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Abisoye Adeyiga

Abisoye Adedoyin Adeyiga holds a PhD in Languages and Media Studies and a Master’s in Education (English Language). Trained in digital marketing and investigative journalism, she is passionate about new media’s transformative power. She enjoys reading, traveling, and meaningful conversations.