July 21, 2024
P.O.Box 613ER Gombilla House, Lamashegu Market, Tamale, Northern Region

54.1% inflation in 2022 highest in two decades ~ ISSER

Ghana experienced its highest inflation rate in over two decades, with a recorded inflation of 54.1% in December 2022.

The Institute of Statistical, Social and Economic Research (ISSER), in its 2022 State of the Economy Report, said unprecedented macroeconomic imbalances, led to uncertainties in the monetary and financial sectors. The influence of food inflation, particularly driven by specific food subgroups, was noted as a significant factor.

Due to persistent inflation, the Monetary Policy Committee of the Bank of Ghana took the unusual step of increasing the policy rate four times in 2022. 

The Bank of Ghana’s base lending rate rose from 14.5% in January 2023 to 27% in December 2022.

ISSER highlighted the instability of interest rates in 2022 among deposit money banks (DMBs), partly attributed to the high inflation rate and subsequent adjustments in the policy rate.

Since January 2023, inflation has seen a decrease of about 20%, currently standing at 38.1% as of September 2023. 

The economic challenges of 2022 have prompted significant policy adjustments and raised concerns about stability in Ghana’s financial landscape.

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