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Ghana records its highest inflation rate in 13 years, March figures rise to 19.4%

The Ghana Statistical Service (GSS) has stated that inflation in the country reached 19.4% in March.

According to the GSS, this is highest mark in the country for the past 13 years.

This is 3.7 percentage points higher than the 15.7 per cent recorded in February 2022.

The GSS said food and transport which including housing were the main drivers for the increase.

In a recent lecture by the Vice President, Dr. Mahamudu Bawumia, he said the country’s economy is stronger and better.

Addressing Ghanaians on the state of the economy at a National TESCON Training and Orientation Conference organised by the National Youth Wing of the New Patriotic Party (NPP) in collaboration with Danquah Institute, the former deputy governor of of the Bank of Ghana said the growth of Ghana’s economy is fundamentally stronger than it was in the 2013-2016 period.

…“the path of inflation in Ghana has been similar to those of other countries following the COVID pandemic. Inflation had declined from an average of 17.5% in 2016 to an average of 7.2% in 2020. Since the pandemic, inflation has increased to an average of 10% in 2021.”

“As of February 2022 inflation 15 rose further to 15.7% as a result of global conditions, including a rise in crude oil and other commodity prices and the Russian-Ukraine conflict. It is important to note that between 2013 and 2016 inflation averaged 15.9%. Between 2017 and 2021, however, inflation has averaged 10.4% notwithstanding the impact of COVID-19.”

Dr. Bawumia further explained that interest rates are lower now than they were in the 2013 -2016 period.

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