The Ghana Statistical Service (GSS) on Wednesday announced a further drop in the country’s inflation rate to 23.1 percent in February, 0.4 percentage points lower than the previous month.
“The slower rate of inflation in February was due to the lower food and non-food inflation,” said Samuel Annim, the government statistician at the GSS, during a regular monthly briefing.
Compared to January, food inflation declined 0.2 percentage points to 28.1 percent in February, with non-food inflation down by 0.4 percentage points to 18.8 percent.
The statistician added that inflation for locally produced and imported items stood at 25.1 percent and 18.5 percent, respectively.
Ghana has been implementing economic reforms since May 2023, backed by a 3-billion-U.S.-dollar loan from the International Monetary Fund to tackle multiple protracted economic challenges, including currency depreciation, high inflation, and ballooning public sector debts. On Jan. 27, Ghana’s central bank maintained its benchmark policy rate at 27 percent, signaling a prudent monetary policy stance against high inflation.