Ghana is experiencing a slowdown in producer price inflation. According to data from the statistics office, this inflation, which relates to variations in the prices of “ex-factory” products, was 52.2% in December 2022 year-on-year. An improvement compared to the previous month which showed 78.1% compared to November 2021.
The West African country is hit by an economic crisis with prices at the pump and those of foodstuffs exploding. Inflation exceeds 40% and its currency, the cedi, has lost half its value against the dollar.
At the beginning of December Accra concluded a bailout loan with the IMF for 3 billion dollars. Supposed to restore “macroeconomic stability and debt sustainability and participate in and lay the foundations for strong and inclusive growth”, this aid is criticized by Ghanaians who fear the implementation of austerity measures.
The head of the industrial statistics department said the drop in producer price inflation could “bode well for consumers if the cedi rate stabilizes next month.”