Closing out 2023, Ghana recorded a December inflation rate of 23.2%, according to data from the Ghana Statistical Service.
This figure reflects a 3.2 percentage point decrease from the November rate of 26.4% and the lowest rate in the year 2023.
Despite this positive month-over-month change in the last five months, the average inflation rate for the entire year stands at 40.27%, signifying an 8.81% increase compared to the 2022 average rate of 31.36%.
The rate is the highest in over two (2) decades.
The rate was heavily influenced by the high rates in the first 8 months of the year.
Particularly in the months before the IMF board approval of Ghana’s extended credit facility to achieve sustainability.
Interestingly, the 2023 average rate is slightly lower than the projected average rate of 42.2% by the International Monetary Fund and approximately equivalent to the revised prediction by Fitch Solutions.
This development comes as the country is struggling to get an agreement with its external creditors to restructure its external debt to unlock the second tranche of the IMF bailout.
Latest Stories
-
Akwatia by-election slated for September 2
6 minutes -
Pay contractors with bonds to curb inflation – Joe Jackson advises government
9 minutes -
Heartbreak for KUHIS as Osei Tutu’s riddle answer sends Kumaca to Zonal Final
12 minutes -
BOST embraces renewable future with major solar energy drive
21 minutes -
New Accra–Kumasi expressway will be a completely new road not mere upgrade of existing N6 route — Agbodza
28 minutes -
Cabinet has approved reintroduction of road tolls with modernised collection – Kwame Agbodza
1 hour -
Heal KATH project stalls for 3 months over simmering conflict between hospital CEO and project committee
1 hour -
UGMC announces rollout of hair transplant in Ghana this year
1 hour -
Help comes to market women and farmers as CSJ tackles credit barriers, protection gaps at upcoming summit
2 hours -
50-year-old woman dies after falling into abandoned mining pit at Mpasatia
2 hours -
Accra Bar Show 2025 launched to celebrate Ghana’s hospitality and drinks industry
2 hours -
Mahama directs Road Ministry to prioritise roads under the Big Push initiative
2 hours -
JoyNews journalist Carlos Carlony recounts Military assault at McDan warehouse demolition site
2 hours -
Former MIIF CEO stopped at Airport over unauthorised travel attempt while on OSP bail
2 hours -
Christian Council of Ghana raises alarm over escalating violence in Bawku
2 hours