Bussiness
Inflation ends 2022 at record 54.1%; lending rates to remain high
Inflation shot up by 3.8% to end 2022 at 54.1%, data from the Ghana Statistical Service (GSS) has revealed.
Despite a strong improvement in the value of the cedi and a reduction in the prices of petroleum products, the rate of inflation still went up in December 2022. This was due to steep increases in food, transport and housing costs.
However, the rate of increase in inflation slowdown.
The month-on-month inflation rate stood at 3.8% in December 2022.
According to the figures, five divisions recorded inflation rates higher than the national average.
They were Housing, Water, Electricity, Gas and Other Fuels (82.34%); Furnishings, Household Equipment (71.52%); Transport (71.42%); Personal Care, Social Protection and Miscellaneous Goods and Services (60.94%) and Food and Non-Alcoholic Beverages (59.71%).
Whilst Food inflation went up by 4.4% in December 2022, Non-Food Inflation went up to 49.9% in December 2022, from 46.5% in November 2022.
Inflation for locally produced items was 51.1% and inflation for imported items was 61.9%.
Eight sub-classes registered inflation rates higher then the food inflation average. They included Water (94.2%), Fruit and Vegetable Juices (84.6%), Milk, Other Diary Products and Eggs (82.2%) and Tea, Mate and Other Plant Products for Infusion (77.7%).
The slow down in the December inflation means the Bank of Ghana is expected to keep the policy rate unchanged at 27%.
However, lending rates are expected to reman high at an average of about 31%.
Greater Accra records highest inflation of 66.7%
For the regions, the Greater Accra region recorded the highest inflation of 66.7%. It was followed by Eastern region (64.1%) and Bono region (60.3%)
The region with the lowest inflation rate was the Volta region with a rate of 35.6%.
Source: Joy Business
Bussiness
Global Market Volatility: Gov’t absorb GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol
Effective Thursday, April 16, 2026, which is the next pricing window, the Government will absorb GH¢2.00 per litre on diesel and GH¢ 0.36 per litre on petrol.
This intervention is intended to cushion customers and ease the cost burden on households, transport operators, and businesses.
The measure, approved by Cabinet, is in response to rising prices of petroleum products on the international market, which have significantly impacted ex-pump prices in Ghana.
This temporary intervention will remain in force for a period of one (1) month.
During this period government will continue to closely monitor developments in the global oil market and assess the need for further policy adjustments.
A statement signed by Minister of Government Communications, Felix Ofosu Kwakye noted that they remain commited to maintaining price stability, protecting livelihoods, and supporting Ghana’s economic recovery in the face of external shocks.
Ghana’s gold and minerals sector is set for a major spotlight as Meetings. Co, in partnership with key industry stakeholders, announces the Mining & Minerals Convention 2025, scheduled from August 26-27, 2025, at the Kempinski Hotel Gold Coast City, Accra.
Held under the theme “Shaping the Future of Ghana’s Gold Industry,”‘ the Convention will convene government leaders, regulators, miners, refiners, investors, sustainability partners, innovators, and responsible mining, and global competitiveness,policy experts to explore strategies that position Ghana’s gold industry for long-term growth.
The two-day convention will feature presidential and ministerial keynote addresses, industry thought leadership, technical paper presentations, policy dialogues, fireside chats, exhibitions, and high-level networking sessions.
Convention delegates can anticipate a dynamic and insightful experience, marked by thought leadership from leading policymakers and regulators, in-depth discussions on key topics such as sustainability, ESG, digital gold, and responsible sourcing, as well as valuable opportunities to forge public-private partnerships and investment deals.
Moreover, the event will offer practical action points aimed at unlocking greater economic value for Ghana.
The 2025 edition will be supported by a strong coalition of strategic partners, including the Ministry of Lands and Natural Resources, the Minerals Commission, GoldBod, the Minerals Income and Investment Fund (MIIF), and the Ghana Extractive Industries Transparency Initiative (GHEITI).
