Ghana's annual producer price inflation (PPI) rose to 19.5 percent in April from a revised 19.2 percent year-on-year the month before, driven mainly by weakening of the local currency and unstable power supply, the Ghana statistics office said.
The figure, which is high compared with average inflation in the region, is an indication of fiscal challenges facing the West African nation's economy.
Ghana began a three-year aid program worth $918 million with the International Monetary Fund in April to tackle its wide public deficit, growing public debt and high inflation.
Government statistician Philomena Nyarko said producer inflation for the mining and quarrying sector, led by gold prices, rose 4.2 percent to 27.1 percent in April, followed by utilities at 20.7 percent.
"The major drivers of producer inflation in April were the depreciation of the cedi and the lack of constant electric power supply for industries," Nyarko told a news conference in Accra on Wednesday.
Ghana is currently grappling with crippling power cuts which the government has blamed on inadequate generation capacity in past years. The cedi has depreciated around 18 percent since January.
Nyarko said the month-on-month change in PPI between March and April was 2.8 percent.
Producer price inflation is an advance indicator of consumer price inflation, which rose marginally to 16.8 percent April, from 16.6 percent the month before.
Latest Stories
-
Wa Naa appeals to Akufo-Addo to audit state lands in Wa
4 mins -
5 secret ways people use ‘I love you’ as a form of manipulation
9 mins -
The most important question to ask yourself
20 mins -
Department of social welfare sensitises residents of Nabdam on child protection
22 mins -
Ghanaians must assess the quality of political leaders presented – Asah-Asante
35 mins -
Ashanti Regional Minister demands withdrawal of ‘fraudulent ECG bills’ sent to his residence
54 mins -
Delta Air Lines deploys new Airbus on Accra-New York route
1 hour -
PPDC spearheads Africa’s AI development at DRIF24 forum
1 hour -
Ripoti App launched to empower journalists, others to tackle digital rights violations in Africa
1 hour -
Ground-breaking health investment charter to tackle worker shortages in Africa
1 hour -
From Mortuary to Matrimony: Feature on how couple’s love journey brewed at the morgue airs on Joy Prime
2 hours -
Ghana’s LPG prices rank among the highest globally – LPG Marketers Association
2 hours -
Filth Exhibition: Residents near Korle Gonno bear the brunt of nationwide filth
2 hours -
We’ve not selected NPP members as returning officers – EC replies Mahama
2 hours -
We’ll not honour any invitation – ECG tells Ashanti Regional Minister
3 hours