Ghana’s inflation 6th highest in Sub-Saharan Africa –World Bank
According to the April 2024 World Bank Africa Pulse report, Ghana has the 6th highest inflation rate in Sub-Saharan Africa at 25.8%. The top five countries with the highest inflation rates in the region are Zimbabwe, Sierra Leone, Malawi, Nigeria, and Ethiopia.
The report also highlighted that food inflation is higher than headline inflation, with food inflation at 29.6%. Inflation is an important economic indicator that affects all sectors of the economy and has been on the rise in the African continent in recent years, leading to increased interest rates and higher costs of doing business.
While inflation is expected to decrease in most Sub-Saharan African countries in 2024 compared to the previous year, the report noted that some countries continue to have persistently high inflation rates. It is projected that 13 countries will have a two-digit or higher average annual inflation rate in 2024, down from 19 countries in 2022.
In Ghana, inflation spiked to 25.8% in March 2024 from 23.2% in February 2024. The increase was driven by higher non-food inflation at 22.6% and food inflation at 29.6%. Both locally produced and imported items also saw price increases, with locally produced items rising by 26.6% and imported items by 23.8%.
Food and non-alcoholic beverages, as well as transportation, were identified as the main factors contributing to the overall inflation increase in March 2024.
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