Economic Issues

Ghana Inflation Slows for Second Month on Stable Cedi

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Ghana Inflation Slows for Second Month on Stable Cedi

bloomberg.comMar 15, 2023 10:11 AM

A street vendor carries a basin of textiles for sale through the Makola Market in the Makola district of Accra, Ghana, on Tuesday, Feb. 28, 2023. Ghana’s cedi, the world’s second-worst performing currency this year, is heading for more pain after the West African nation missed a self-imposed deadline to restructure its bilateral debt and move closer to tapping foreign aid.
A street vendor carries a basin of textiles for sale through the Makola Market in the Makola district of Accra, Ghana, on Tuesday, Feb. 28, 2023. Ghana’s cedi, the world’s second-worst performing currency this year, is heading for more pain after the West African nation missed a self-imposed deadline to restructure its bilateral debt and move closer to tapping foreign aid.

March 15, 2023, 10:11 AM UTC

Ghana’s inflation rate fell for a second consecutive month in February as almost two months of relative stability in the currency and a slump in global oil prices helped contain costs.    

Annual inflation decelerated to 52.8% from 53.6% in January, Government Statistician Samuel Kobina Annim told reporters Wednesday in the capital, Accra. The median estimate of eight economists in a Bloomberg survey was 52.9%. Prices rose 1.9% in the month. 

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