The Ghana Statistical Service (GSS) has announced that Ghana’s year-on-year inflation for July hit a staggering 31.7%.
This means that in the month of July 2022 the general price level was 31.7% higher than July 2021.
Month-on-month inflation between June 2022 and July 2022 was 3.1%.
This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS) on Wednesday, August 10, 2022.
According to the data, food inflation rose again to 32.3% while non-food inflation was 31.3 percent.
Government Statistician, Professor Samuel Annim highlighted the impact of the key drivers on the increase in the overall inflation rate for July 2022.
“We composed this from two perspectives, the food and non-food inflation and from a domestic and imported perspective. From the food and non-food inflation, we recorded food inflation of 32.3% and 31.3% for non-food inflation.”
“From the domestic perspective, we recorded 29.2% and imported inflation of 31.3%”, he said.
In a related development, the Minister of Finance, Ken Ofori-Atta has said that Ghana can get $3 billion from its IMF bail out programme.
Speaking in an interview on Joy News, Mr. Ofori-Atta said the revised figure is due to changes in the economic fortunes of the country.
The Finance Minister has also disclosed that Government is hoping to complete work on its Enhanced Domestic Programme by the end of September this year, which will form the basis for negotiating a programme with IMF.
Mr. Ken Ofori-Atta revealed that government is optimistic of securing a programme with the IMF next year, as it pushes to finalise work on its Enhanced Domestic Programme this summer.
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