Ghana ended 2019 with 7.9% inflation

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As far back as 2012, Ireland had targeted Ghana, along with Botswana, as countries of strategic importance in relation to the establishment of double taxation agreements

Ghana beat the government’s inflation target for 2019 as food-price growth eased.

Annual inflation slowed to 7.9% in December from 8.2% in November, Government Statistician Samuel Kobina Annim in the capital, Accra, said on Wednesday. Prices rose 0.3% in the month.

Key Insights

  • The Finance Ministry’s mid-year budget statement set an inflation target of 8% for the end of 2019. Price growth dipped below that point for three months from August as the statistics office started using a new base year for the consumer-price index, before accelerating due to a weakening currency. The agency hasn’t provided revised data for the months before August, complicating the calculation of longer term trends.
  • Food prices rose 7.2% from a year earlier, compared to 8.4% in November.
  • The central bank, which aims to keep inflation in a band of 6% to 10%, said in November it sees the rate staying inside its target range, barring any unforeseen shocks. The cedi has gained some ground after reaching a record low against the dollar on Dec. 11.

Source: Bloomberg

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