American Professor of Economics at Johns Hopkins University, Professor Steve Hanke, has pegged Ghana’s annual inflation at 91%, the 7th highest in the world.

According to him, Ghana’s inflation is a disaster.

In a tweet, the renowned American economist urged President Akufo-Addo to scrap his ineffective policies and install a currency board.

“I measured Ghana’s inflation at a sky-high 91%/yr, which is why in this week’s inflation roundup, Ghana takes the 7th place”.

“To end its inflationary disaster, President Akufo-Addo needs to scrap his ineffective economic policies and install a currency board”, he added.

Inflation ends 2022 at record 54.1%

Ghana’s inflation shot up by 3.8% to end 2022 at 54.1%, data from the Ghana Statistical Service (GSS) has revealed.

Despite a strong improvement in the value of the cedi and a reduction in the prices of petroleum products, the rate of inflation still went up in December 2022. This was due to steep increases in food, transport and housing costs.

However, the rate of increase in inflation slowdown.

The month-on-month inflation rate stood at 3.8% in December 2022.

According to the figures, five divisions recorded inflation rates higher than the national average.

They were Housing, Water, Electricity, Gas and Other Fuels (82.34%); Furnishings, Household Equipment (71.52%); Transport (71.42%); Personal Care, Social Protection and Miscellaneous Goods and Services (60.94%) and Food and Non-Alcoholic Beverages (59.71%).