Ghana’s Inflation Rate Ranked Third In The World On Hanke’s Inflation Dashboard

• Ghana's inflation rate has been ranked among the worst in the world
• On the Hanke's Inflation Dashboard, Ghana ranks number 3 after Zimbabwe and Cuba
• The weekly dashboard released on Monday, November 7, 2022, states that Ghana's inflation is 142% compared to the GSS figure of 37.2%

Ghana’s worsening inflation rate has been ranked among the first five on Prof. Hanke’s Inflation Dashboard.

Ghana ranks third after Zimbabwe and Cuba on the latest leaderboard of worsening inflation rates across the world released on Monday, November 7, 2022.

The influential Hanke’s Inflation Dashboard looks beyond official inflation figures provided by government statisticians and presents a more exhaustive figure.

Prof Hanke says to qualify for entry on the dashboard, a country had to end the year with an annual inflation rate of 25% or more.

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“I made the measurements of each country’s inflation by using high‐frequency, free‐market exchange‐rate data in combination with Purchasing Power Parity (PPP) theory. For countries with elevated inflation rates, the PPP method has proven very accurate and reliable,” he has said.

Ghana sits in the number three position with an inflation rate of 142% although the Ghana Statistical Service (GSS) quotes 37.2%.

“In this week's inflation roundup, #Zimbabwe, takes the 1st spot. At present, Zim's inflation is the highest in the world. On Nov 3, I accurately measured Zim's inflation at 417%/yr. That’s 1.5 times higher than the official rubbish produced by the always-incompetent ZimStat,” Prof Hanke posted on Twitter.

Cedi Depreciates To GH¢14.2 To $1 After Recent Gains; Fuel Prices To Increase Further

Meanwhile, YEN.com.gh has reported in a previous story that after holding up the American greenback last week, the Ghana cedi started on Monday, November 7, with a poor showing.

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Cedi crashes to GH¢14.2 to $1 after Bawumia was booed at Hogbetsotso

Forex bureaus are quoting GH¢14.2 to $1 after initially quoting GH¢13.95 to the dollar.

This means that hours after trading opened on Monday, the cedi lost about 25 pesewas to the dollar.

The are fears that the depreciation of the cedi will further raise the price of fuel even higher on the market.

Source: YEN.com.gh