Ghana's inflation ranks 6th in Sub-Saharan Africa – World Bank reveals

According to the April 2024 World Bank Africa Pulse report, Ghana's inflation rate of 25.8% places it as the sixth highest in Sub-Saharan Africa. Topping the list are Zimbabwe, Sierra Leone, Malawi, Nigeria, and Ethiopia, respectively.

The report highlights that food inflation, standing at 29.6%, surpasses headline inflation figures. This inflationary trend has significant implications across various sectors of the

Read full articleeconomy, with interest rates rising and the overall cost of living and doing business worsening.

Although inflation rates are gradually cooling in most Sub-Saharan African countries, they remain notably high. Approximately 90% of the countries in the region are expected to experience lower inflation in 2024 compared to the previous year. However, only seven countries are projected to have inflation rates lower than those before the pandemic.

Despite this overall downward trend, a subset of countries continues to grapple with persistently high inflation rates, with some yet to peak. The report anticipates a reduction in the number of countries experiencing double-digit inflation, from 19 in 2022 to 13 in 2024.

While there's a slight drop in the median inflation rate for these countries, from 27% in 2023 to 22.5% in 2024, challenges persist in managing inflationary pressures across the region.