An economist Dr Theo Acheampong has welcomed the announcement of the drop in Ghana’s inflation rate.
The inflation rate dropped to 26.4% in November 2023 from 35.2% recorded in October 2023, the Ghana Statistical Service (GSS) announced.
According to the GSS, the major factor that contributed to the drop was food inflation.
Food inflation dropped by 12.6% to 32.2% in November 2023. The month-on-month rate of food inflation was 0.8%.
For non-food inflation, it also eased to 21.7%, as compared with 27.7% in October 2023. The month-on-month rate of non-food inflation stood at 2.2%.
Five divisions recorded inflation rates higher than the national average.
They are Alcoholic Beverages, Tobacco and Narcotics (39.0%); Personal Care, Social Protection and Miscellaneous Goods and Services (35.4%); Food and Non-Alcoholic Beverages (32.2%); Furnishings, Household Equipment and Routine Household Maintenance (32.2%) and Restaurants and Accommodation Services (27.1%).
Commenting on this on his X platform, Dr Theo Acheampong said “Some bit of good news. Long may the drop in inflation continue until we reach single digit.
“One of the conditionalities under Ghana’s IMF programme was to get inflation down to a central target of 29.4% (31.4% upper band to 25.4% lower band range) by the end of this year. With this latest announcement by Government Statistician , the government is on course to meet this key programme criteria by year-end.”
Some bit of good news. Long may the drop in inflation continue until we reach single digit. One of the conditionalities under Ghana’s @IMFNews programme was to get inflation down to a central target of 29.4% (31.4% upper band to 25.4% lower band range) by the end of this year.… pic.twitter.com/7SxAh3lZ00
— Theo Acheampong, PhD (@mytheoz) December 14, 2023