Inflation for April 2024 has marginally decreased to 25% from the 25.8% recorded in March 2024, indicating a 0.8% slowdown in the inflation rate for the month.
The Ghana Statistical Service (GSS) attributes the overall drop in inflation to a decrease in food inflation, which reached 26.8%, the lowest in 13 months, along with non-food inflation, which stood at 23.5%.
In March 2024, Ghana’s consumer inflation rose to a four-month high of 25.8% year-on-year, up from 23.2% the previous month, significantly exceeding the central bank’s target band of 6% to 10%.
The chief statistician, Samuel Kobina Annim, attributed the sharper rise in inflation to a depreciating currency, which led to higher costs for imported goods. He made these remarks in the capital, Accra, on Wednesday.
Both food (29.6% vs 27% in February) and non-food product prices (22.6% vs 20%) increased, particularly fuels. The Ghanaian cedi has depreciated by nearly 11% against the US dollar since the beginning of the year due to a stronger dollar, a decrease in cocoa output, and delays in debt restructuring.
The cedi’s depreciation against the dollar, about 11% so far this year, has made it the fourth worst-performing currency among those tracked by Bloomberg.