Ghana Inflation Slows for Fourth Straight Month

According to the Ghana Statistical Service, the West African country’s consumer inflation eased for the fourth consecutive month in April, falling to 21.2% year-on-year from 22.4% in March. The slowdown was driven by a drop in food and non-food inflation, though food prices remain the biggest contributor to the high rate. Despite the progress, inflation still sits far above the Bank of Ghana’s 8% target range, prompting the central bank to maintain a tight monetary policy. The bank’s governor announced a surprise rate hike in March, aiming to further reduce inflation. The policy’s effectiveness will be reviewed before this month’s rate meeting.

Reuters