Ghana’s inflation rate dropped to 18.4% in May 2024, down from 21.2% in April. This marks the fifth straight month of falling prices and represents the lowest inflation since February 2022.
Government statistician Alhassan Iddrisu said food prices remain high but other costs are falling faster. The improvement comes from better government policies, a stronger Cedi currency, and positive market conditions.
Ghana’s central bank kept interest rates at 28% last month to control inflation. The country aims to reduce inflation to 11.9% by year-end through spending cuts. Ghana’s target inflation rate is 8%, but current levels remain much higher.
The West African nation is recovering from its worst economic crisis in decades, which hurt its important cocoa and gold industries.
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