Ghana’s Inflation Hits 40.4% For October 2022 As Economic Crisis Worsens

• Ghana's inflation rate for October 2022 has hit 40.4% according to the Ghana Statistical Service
• According to figures released by GSS, food inflation rose to 43.7% while non-food inflation soared to 37.8%
• Ghana's inflation has been rising sharply since March 2022 in what experts say is unprecedented in Ghana's history

Ghana’s inflation rate for October 2022 has hit 40.4%, pushed up by price of food mainly, but also housing, transport, utilities and petroleum products.

According to figures released by the Ghana Statistical Service (GSS) on Wednesday, November 9, 2022, food inflation rose to 43.7% while non-food inflation soared to 37.8%.

Head of the GSS Professor Samuel Kobina Anim said a press conference to announce the new inflation figures that the Eastern Region recorded the highest inflation with 51.1% inflation rate.

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World Bank ranks Ghana as having the highest food prices in Africa

The Central Region recorded highest food inflation of 57. 9%.

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 Akufo-Addo over Ghana’s worsening economy.

The John Hopkins University professor tweeted on Tuesday, November 8, 2022 that Ghana is going nowhere under Akufo-Addo’s “economic stupidity”.

“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.

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

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Prof Hanke slams Akufo-Addo for his “Economic stupidity”

Also, Ghana’s worsening inflation situation has been ranked among the first five on the 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.

Accoriding to Prof Hanke, Ghana's inflation is as high as 149%, way beyond the official figures given by the GSS.

Source: YEN.com.gh