Ghana’s inflation rises to 13.0%

Higher transport costs helped drive Ghana’s annual inflation rate higher to 13.0 per cent in April from 12.8 per cent the previous month, the statistics office  has said .

The government of President Nana Akufo-Addo wants to slow inflation to 11.2 per cent by the end of the year as part of its drive to restore macroeconomic stability under a three-year aid deal with the International Monetary Fund (IMF).

In a positive for that target, food inflation fell to 6.7 per cent in April from 7.3 per cent a month earlier.

Non-food inflation, however, accelerated to 16.3 per cent from 15.6.

“The marginal increase in the index was mainly due to a rise in transport fares which went up by 9.6 per cent last month,” deputy government statistician Baah Wadieh told a news conference.

Ghana, which exports cocoa, gold and oil, said in April it was committed to reducing inflation, public debt and the budget deficit.

It was one of Africa’s best-performing economies until 2014, when it was hit by a slump in commodity prices.

NAN/Ime N