A busy Ghanaian market with vendors, shoppers, and vehicles, reflecting economic activity amid inflation easing.
Ghana’s inflation rate continued its downward trend in August, slowing for the eighth consecutive month to 11.5%—the lowest level since October 2021. According to the government statistics service, food and non-food prices eased, though food remains the largest contributor to overall inflation. This sustained decline signals a robust recovery for the West African nation, which is recovering from its worst economic crisis in decades. Supporting this positive trend, the local cedi has strengthened by over 20% against the dollar this year. In July, the central bank underscored optimism by slashing its key interest rate to 25%—the steepest cut in its history. Meanwhile, government officials are optimistic that they will not only meet but exceed their year-end inflation target of 11.9%, marking a significant turnaround for Ghana’s economy.
Africa News