Ghana’s annual inflation rate quickened for the 18th straight month to 50.3% in November of 2022, up from 40.4% in the prior month.
It was the highest reading since May of 2001 and well above the top of the central bank’s target band of 6%-10%, as the continued depreciation of the cedi during the month raised the cost of imported goods (55.1% vs 43.7% in October). Main upward pressure came from prices of housing & utilities (79.1% vs 69.6% in October); furnishings & household equipment (65.7% vs 55.7%); transportation (63.1% vs 46.3%) and food & non-alcoholic beverages (47.9% vs 43.7%).
The International Monetary Fund and Ghana reached a preliminary, staff-level agreement on a three-year funding package worth almost $3 billion on December 13th. The loan is aimed to help Ghana face economic difficulties, from unsustainable debts to waning reserves and a witting currency.