July 2022 Inflation Rises To 31.7%: General Price Levels In Ghana Continue Upward Climb

• Ghana's inflation is getting worse every month as July 2022 figures follow a dangerous trend
• The GSS has disclosed that inflation for July 2022 stands at 31.7% showing a 3.1% increase from previous months' inflation
• The GSS also disclosed that the July 2022 inflation, just like previous months', have been significantly increased by imports

Inflation for July 2022 has risen to 31.7%, according to the Ghana Statistical Service (GSS), showing that general price levels in the country have consistently risen since January.

Between June 2022 and July 2022, prices of goods have increased by 3.1%, the GSS figures show.

Official statistician for the country, Professor Samuel Annim, said Wednesday, August 10, 2022, that the key drivers of the July inflation have been driven significantly by imports.

“From the food and non-food inflation, we recorded food inflation of 32.3% and 31.3% for non-food inflation. From the domestic perspective, we recorded 29.2% and imported inflation of 31.3%”, Prof Annim told the press.

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Akufo-Addo is begging for $3bn – Prof Hanke says IMF bailout won’t save Ghana

Professor Steve Hanke: U.S. Economist Says IMF Bailout Will Not Save Ghana

Still on Ghana's economy, U.S.-based economist, Professor Steve Hanke, has said it will not be saved by a balance of payment support from the International Monetary Fund (IMF).

YEN.com.gh reported previously that the Economics Professor at the prestigious John Hopkins University in the United States tweeted on Tuesday, August 9, 2022, that just like Ghana’s previous bailout programmes, the current one won’t save the troubled economy.

He suggests that the country was merely begging for more money from the IMF for a quick fix.

His comment on the social media platform follows revelations that the Finance Minister, Ken Ofori-Atta, has doubled his bailout request from the international lender from $1.5 billion to 3 billion, and the years for repayment increased from two to at least three years.

Source: YEN.com.gh