Ghana Inflation Accelerates to 3-Year High at 10.6% in AprilMoses Mozart Dzawu
Inflation in Ghana, the second-biggest economy in West Africa, accelerated to 10.6 percent in April, the highest level in almost three years as the cedi had its worst one-month decline since June.
The rate rose from 10.4 percent in March, Baah Wadieh, an official at the Ghana Statistical Service, told reporters in Accra, the capital, today. The figure was the highest since May 2010, according to data compiled by Bloomberg. Prices rose 1.8 percent in the month.
“The depreciation of the cedi in April coupled with low food crop harvest were the drivers,” Wadieh said. Food costs climbed 6.4 percent from 5.5 percent a month earlier, the agency said. Non-food items rose 13 percent from 13.2 percent in March.
Ghana’s cedi, the worst performer against the dollar in West Africa this year, weakened 1.9 percent in April, according to data compiled by Bloomberg. It traded little changed at 1.9895 by 12:20 p.m. in Accra.
The Bank of Ghana kept the benchmark interest rate unchanged at 15 percent for a third consecutive meeting in February as it forecast inflation will remain in a range of 7 percent to 11 percent this year. The bank raised the rate by 2.5 percentage points in 2012 and boosted Treasury-bill sales to help stabilize the cedi and curb inflation.
Inflation figures based on a new, rebased index will be released next month, Wadieh said. The announcement has been delayed since March.