Consumer inflation hit 27.6% year on year in May, an 18-year high
The statistics agency also said on Wednesday that producer inflation rose to 33.5% in May from 31.2% in April.
“The softness of growth will probably reinforce already high credit concerns,” said Razia Khan, Standard Chartered’s chief Africa economist. The central bank raised its main interest rate by 200 basis points to 19% last month, the second hike this year to buttress macroeconomic stability. The IMF in April downgraded its 2022 growth forecast for Ghana to 5.2%, from a 6.2% prediction in October 2021.
A JPMorgan index of Ghana’s bonds has dropped 38% in the past six months, compared to about 22% for Africa as a whole, according to Refinitiv data.
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