Ghana’s inflation slows for 11th straight month in November

Ghana’s consumer inflation slowed for the 11th consecutive month, falling to 6.3% year on year in November from 8.0% in October, the statistics service said on Wednesday.

Government statistician Alhassan Iddrisu told a press conference that the drop was mostly driven by a slowdown in food inflation.

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“Domestic price conditions and external market conditions are both stabilising,” Iddrisu said, adding that inflation was now at its lowest since a rebasing exercise in 2021.

The West African gold-, oil- and cocoa-producing nation is emerging from its most severe economic crisis in decades.

Ghana’s central bank cut its main interest rate by a cumulative 1,000 basis points at its last three policy meetings, citing an improved economic outlook and expectations for inflation to fall further.

Read also: Ghana’s central bank delivers record rate cut as inflation eases

Last week it lowered the rate by 350 basis points to 18% following cuts of 350 basis points in September and 300 basis points in July.

The Bank of Ghana targets inflation of 8% with a tolerance band of 2 percentage points on either side.

Inflation was at 23.8% in December last year.

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