Ghana’s annual inflation approached 54% in December, a 22-year steep.

Ghana’s consumption headline inflation to 54.1% year on year in December, up from 50.3% the beginning of the month and the overall standards in 22 years, as reported by the official data office on Wednesday. Fuel, utility services, and nourishment proceeded to drive the increment.

The West African production company of gold, oil, and cocoa is facing the very worst economic downturn in a century. Its cedi monetary system fell the year before, fueling wage growth, as government expenditure cuts and increases in interest rates by the national currency continued to fail to curb increased costs.

The December annual inflation was 59.7%, the largest increase since April 2001. Housing, water, power generation, gas, and some other fossil fuel prices increased more than any other, continuing to rise 82.34% versus the previous year.

Furniture and household appliances occupied the second spot (71.52%), followed by mass transit (71.42%). Wage growth in nutrition and non-alcoholic beverages was 59.71% compared to last year.

Ghana tried to approach the Worldwide Monetary Fund (IMF) in July to request economic help having followed street demonstrations prompted by rapidly increasing prices and socioeconomic hard times.

In December, an employee arrangement with the IMF for a $3 billion, three-year compensation package was reached. Debt restructuring is required in order to gain access to the funds. The government has announced a domestic debt assistance program, and conversations with community private pensions on the definitions were currently in progress pretty early on Wednesday.

On Tuesday, it also recommended that its government – to – government borrowing be renegotiated through into the G20 widely accepted conceptual model framework.

Ghana’s annual inflation averaging nearly 15.89 basis points from 1998 to 2020, with a maximum of 63.10 percent in March of 2001 and a low of 0.40-point margin in May of 1999.

Ghana, recognized as the Republic of Ghana, is a West African country. It shares maritime borders with Ivory Coast in the west, Burkina Faso in the north, and Togo in the east, as well as with the Gulf of Guinea and the Atlantic Ocean to the southeast.