Ghana Achieves Record Drop in Inflation Rate.

Ghana Achieves Record Drop in Inflation Rate.
Photo by Ifeoluwa A. / Unsplash

Ghana has recorded a record 19-month low in November's inflation rate, a rare feat for any African nation.

Why is this important: The gradual reduction in the overall inflation rate to 26.4% in November 2023 compared to 35.2% in October 2023 is due to a sustained monetary policy by the Bank of Ghana aimed at inflation targeting using its monetary policy rate (MPR) which remains unchanged at 30% since September 2023.

The bottom line: The implementation of Ghana's monetary policy is yielding progress through strong economic growth and a stabilised exchange rate. The country continues to make strides to restructure its $20 billion of external debt, including bilateral debt, export credit agencies-backed commercial loans, Eurobonds and non-insured commercial loans, under the G20 Common Framework.

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