Ghana’s Economic Woes Worsen As Inflation Rate Hits 50.3%

Ghana’s inflation rate increased to 50.3% in November from 40.4% in October.

Samuel Kobina Annim, Government Statistician for Ghana, announced this while speaking with journalists on Wednesday.

The announcement comes a day after Ghana secured a staff-level agreement with the International Monetary Fund (IMF) on a $3 billion loan to tackle its economic challenges.

Ghana has been facing a severe economic crisis that triggered a restructuring of its local debts last week. The country also announced a deal with the IMF for a $3 billion bailout.

Ghana’s inflation rate was just 13.6% in January this year but has continued to experience price increases driven by currency depreciation and a fiscal crisis.