Ghana Inflation Rate Hits 50.3% – Highest Since 2004

Ghana’s inflation rate worsen as it skyrocketed to 50.3 percent in November.

Gatekeepers News reports that November’s figure is the highest rate since 2004 as it increases from 40.4 percent recorded in October.

Samuel Kobina Annim, Government Statistician for Ghana, announced this while speaking with reporters on Wednesday.

The announcement comes a day after Ghana secured a staff-level agreement with the International Monetary Fund (IMF) on a $3 billion loan to tackle its economic challenges.

Ghana is currently battling an economic crisis that has seen food and fuel costs spiral to record levels as well as rapid depreciation of the cedi.

The country’s statistics office said costs rose the most in the category of housing, water, gas and electricity, with prices up 79.1 percent.

It was followed by furnishings and household equipment at 65.7%, followed by transport, including fuel at 63.1 percent.