Ghana’s inflation rate surged to 31.7% year-on-year in July 2022 from 29.8% registered in June. 2022 This is the highest since December 2003.
The hike is due to increases in cost of transportation resulting from the rise oil prices, as well as increases in cost of household equipment and maintenance, utilities like electricity, gas, and water.
In the last quarter of 2021, Ghana’s inflation rate averaged 12%.
Ghana currency, cedi has lost depreciated 30% this year. The country’s bonds have been downgraded to junk status by all three major rating agencies.
Ghanaians in June this year took to the street to protest against the new taxes on electronic transactions and the nations economic hardship.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.