Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Ghana Inflation Rate Rose for Third Time in May as Cedi Fell

June 13 (Bloomberg) -- Inflation in Ghana accelerated for a third month in May as the local currency weakened and pushed up costs in West Africa’s second-biggest economy, increasing the likelihood that the central bank will raise its key rate today.

The rate advanced to 9.3 percent from 9.1 percent a month earlier, Philomena Nyarko, acting head of the Ghana Statistical Service, told reporters in Accra, the capital. Prices rose 2 percent in the month, she said.

The food inflation rate climbed to 5 percent and non-food prices were up 12 percent, Nyarko said. Inflation for imported food was 9.4 percent, an increase “attributable to the current exchange rate,” she said.

Ghana’s cedi has dropped 15 percent this year against the dollar, making it the worst in Africa after Malawi’s kwacha and pushing up prices in the import-dependent country, according to data compiled by Bloomberg.

The slumping cedi and its effect on consumer prices prompted the Bank of Ghana’s Monetary Policy Committee to raise its key lending rate by 200 basis points since February. The central bank’s target for inflation this year is 8.5 percent, according to its website.

To contact the reporter on this story: Ekow Dontoh in Accra at edontoh@bloomberg.net

To contact the editor responsible for this story: Emily Bowers at ebowers1@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.