Ghana has witnessed a notable decline in its inflation rate, which has dropped from 22.8% in June 2024 to 20.9% in July 2024.
This development was announced by Professor Samuel Kobina Annim, the Government Statistician, during a press briefing held on Wednesday, August 14, 2024. Prof. Annim highlighted that the reduction in inflation was not limited to domestic factors but also extended to imported goods, where inflation decreased from 17.5% to 15.6%.
The Ghana Statistical Service’s report further supports this positive trend, revealing that the food inflation rate fell from 24.0% in June 2024 to 21.5% in July 2024. Similarly, non-food inflation also experienced a decline, reducing to 20.5%. Professor Annim pointed out that the July 2024 inflation rate is the lowest Ghana has seen in the past 28 months.
Professor Annim attributed this decline in inflation largely to the relative stability of the Ghanaian cedi in the month of July. The stability of the currency is seen as a crucial factor in easing inflationary pressures, which have been a source of concern for both consumers and businesses over the past year.
Professor Annim suggested that the easing inflation rate could create room for more effective monetary policy and management. The stabilization of inflationary pressures is expected to bring some relief to Ghanaians who have been grappling with rising costs.
This development may also signal a turning point in the country’s economic situation, providing hope for a more stable economic environment in the coming months, Prof. Annim emphasized.
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