The Institute for Economic Affairs has emphasized that inflation remains in Ghana remains high by international standards despite it dropping significantly from 54.1% in 2022.
Year-on-year inflation tumbled for the seventh consecutive to 20.9% in July 2024. This was largely due to base effects.
But in a statement by the IEA, it said the high inflation has had a severe compounding effect on the cost of living.
While inflation has been on the decline, it remains high by international standards. Moreover, it has had a severe compounding effect on the cost of living.
The fiscal deficit was -12.0% in 2021 and -11.8% in 2022, before declining to -3.6% in 2023, due to the impact of the Domestic Debt Restructuring Programme (DDEP) along with the suspension of external debt servicing.
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