Ghana’s inflation has increased marginally from 29.8% in June to 3.7 percent in July 2022, according to official data from the Ghana Statistical Service (GSS) .
That’s the fastest pace since November 2003 and marks the 11th consecutive month the rate has exceeded the top of the central bank’s target band of 6% to 10%.
The cedi has weakened more than 30% against the dollar since January, making it the second-worst-performing currency in the world of those tracked by Bloomberg, after the Sri Lankan rupee. With central banks unleashing the most aggressive tightening of monetary policy in a generation to cool surging inflation, investors have been selling off riskier assets and buying US dollars.
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