World Bank Report Ranks Ghana’s Food Prices As Highest In Africa

• A new report published on the economic situation of the sub Saharan Africa shows Ghana's food inflation is the highest
• The Africa Pulse Report for 2022 was released in October and also affirms the Ghana cedi as among the worst performing currencies
• Ghana's yearly inflation for September 2022 has been stated as 37.2%, the highest in the country's history in over two decades although some experts believe the figure is much higher

Domestic food prices in Ghana are the highest in Sub-Sahara Africa, according to the World Bank's Africa Pulse report for 2022.

The influential report was released in October 2022 and shows that domestic food inflation in Ghana climbed to 22% since January 2022.

"While food insecurity in Sub-Saharan Africa was increasing before the onset of Covid-19, the pandemic and the food and energy crisis have contributed to the recent steep increase in food insecurity and malnutrition. Climate shocks, low productivity in agriculture, lack of infrastructure also contribute to rising food insecurity in the region," sections of the report said.

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The report also affirmed the Ghana cedi as among the worst performing currencies in the region since the beginning of the year.

Ghana tops the list of poor performing currencies against the dollar with 60% depreciation.

This is followed by South Sudan (50.8%), Sudan (28.6%), Malawi (25.4%), and CFA Franc (13.3%).

“In addition, an increasing food and fuel pass-through made a large contribution to inflation. Food prices have increased sharply in Kenya (21 basis points), Uganda (20 basis points), and Zambia (14 basis points) since the beginning of the year.

“In turn inflation erodes the purchasing power of poor people, increases poverty, amplifies food insecurity, and widens inequality,” the report said.

Akufo-Addo’s “Economic Stupidity” Has Taken Ghana On A Road To Nowhere – Professor Hanke

Meanwhile, YEN.com.gh has reported in a separate story that US-based Professor of Applied Economics Steve Hanke has criticised president Nana Akufo-Addo's handling of Ghana's economy.

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Ghana’s inflation rate ranked third-worst in the world

The John Hopkins University academic thinks Ghana was being plunged into worsening economic devastation due to the "economic stupidity" of the president and managers of the economy.

Prof Hanke says Ghana is going nowhere under Akufo-Addo’s administration.

"Today, I measure inflation in Ghana at 149%/yr. Thousands in Accra marched against Pres. Akufo-Addo’s economic stupidity and a potential IMF bailout. The protestors are right. Pres. Akufo-Addo has taken Ghana on a ROAD TO NOWHERE," Prof Steve Hanke tweeted on Tuesday, November 8.

Source: YEN.com.gh