Latest Ghana Inflation Rate the Highest in 19 Years — Economist Recommends Installation of Currency Board
Ghana’s ongoing economic woes appeared to worsen in July after data from the country’s statistical agency, Ghana Statistical Service, suggested that the inflation rate is now nearly 31.7%. The nearly 2% increase in the country’s inflation rate comes at a time when the local currency is reported to have depreciated by as much as 30% since the start of the year. Economist Recommends Installation of Currency Board According to the latest data from Ghana Statistical Service (GSS), the West African nation’s year-on-year inflation rate for July rose to 31.7%. The latest inflation rate is nearly 2% higher than the 29.8% rate which was recorded in June, the data showed. Confirmation of Ghana’s latest official inflation, which is said to be the highest in 19 years, coincided with a report suggesting the country’s currency, the cedi, has now depreciated by more than 30% since the beginning of the year. The currency’s depreciation has since prompted Steve Hanke — the Johns Hopkins economics