Official statistics show that Ghana’s inflation rate has fallen – albeit slightly – for the first time in 19 months.
In January, the inflation rate was 53.6%, down from 54.1% the previous month.
However, food inflation rose slightly to 61.0% in January, while non-food inflation fell to 47.9%, according to Ghana Statistical Service data, according to Reuters.
This means that prices are still rising, albeit at a slower rate than before.
According to Ghana’s Joy FM website, transportation inflation has decreased due to lower fuel prices.
Ghana’s economy is in deep crisis, with the website reporting that international rating agency Fitch has downgraded its creditworthiness to “further junk status”.
According to Reuters, the current economic crisis is the worst in a generation, with capital outflows, a crushing debt-service burden, and rapid currency depreciation wreaking havoc on government and household finances.
