Ghana's economy worsens as August inflation rises to 16.9%

Ghana's economy worsens as August inflation rises to 16.9%

Ghana's economy continues to face severe challenges as the cost of goods and services rise. Figures released by the Ghana statistical service show that inflation shot up from 16.7% in July to 16.9% in August 2016.

The Greater Accra region recorded the highest combined inflation rate of 20.1% while the  Ashanti region came second with 18.5%. This means that both Accra and Kumasi are the most expensive regions in Ghana today.

Ghana's economy worsens as August inflation rises to 16.9%

Finance Minister, Seth Terkper has assured Ghanaians of a buoyant economy once Ghana concludes the ongoing IMF program

Touching on the disturbing figures, government statistician, Philomena Nyarko, says the high cost of importation and other services are best to blame for the rise in inflation. Also, Philomena Nyarko predicts of worse days ahead for the economy especially as the general elections draw near.

Ghana's economy worsens as August inflation rises to 16.9%

Mahama says Ghana will achieve a single digit inflation in 2017

Meanwhile, President Mahama has assured Ghanaians of a booming economy in 2017. The president, in presenting highlights of the NDC manifesto promised of a single-digit inflation should the NDC administration be re-elected in the December presidential election.

Don't miss: Top presidential candidate in Ghana will be killed – Owusu Bempah predicts

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