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Ghana’s annual inflation rate accelerated for the 19th straight month to 54.1% in December of 2022, up from 50.3% in the prior month. This was the highest reading since April of 2001, with inflation surpassing the 10% ceiling of the central bank’s target range since September 2021, as the slight depreciation of the cedi from mid-December contributed to a further increase in the cost of imported goods (61.9% vs 55.1% in November).

Main upward pressure came from prices of transportation (71.4% vs 63.1%), of which fuels; utilities (82.3% vs 79.1%) and food products (59.7% vs 47.9%).

Ghana has reached an agreement with the IMF in December of 2022 for a $3 billion three-year extended credit facility loan, as the country faces a severe economic crisis.

The program aims to restabilize the economy and achieve debt sustainability

Credit: trading economics