The Institute for Economic Affairs has emphasized that inflation remains in Ghana remains high by international standards despite it dropping significantly from 54.1% in 2022.
Year-on-year inflation tumbled for the seventh consecutive to 20.9% in July 2024. This was largely due to base effects.
But in a statement by the IEA, it said the high inflation has had a severe compounding effect on the cost of living.
While inflation has been on the decline, it remains high by international standards. Moreover, it has had a severe compounding effect on the cost of living.
The fiscal deficit was -12.0% in 2021 and -11.8% in 2022, before declining to -3.6% in 2023, due to the impact of the Domestic Debt Restructuring Programme (DDEP) along with the suspension of external debt servicing.
The IEA continued that the deficit is projected to remain low at 4.7% in 2024.
The public debt to Gross Domestic Debt (GDP) ratio rose from 79.2% in 2021 to 92.7% in 2022 and then declined to 82.9% for 2023.
For 2024, the IMF projects the debt to GDP ratio to decline only marginally to 82.5%, well above sustainability levels.
Inflation for July tumbled to 20.9%.
Inflation for the month of July 2024, tumbled to 20.9%.
This represented a decline of 1.9 percentage points from that of June which was at 22.8%.
According to the Ghana Statistical Service, food inflation went down to 21.5% from 24.0% in June 2024, while non-food inflation also fell to 20.5%.
Latest Stories
-
Asantehene bemoans non-completion of 18-year-old stalled KNUST Teaching Hospital
60 minutes -
MTN marks World MSME Day 2025 with call for digital inclusion and sustainable growth
1 hour -
Kwasi Kwarteng appointed Spokesperson for Kennedy Agyapong campaign
1 hour -
Inclusive, consultative appointment process will curb political animosity – Senyo Hosi on Asiedu Nketia’s criticism of EC
1 hour -
Youth-led summit ignites bold call for reform at 2025 African Governance and Anti-corruption gathering
1 hour -
If Torkornoo is cited for contempt, she brought it upon herself – Lawyer
1 hour -
Victoria Bright urges truth and accountability following Asiedu Nketia’s criticism of EC
2 hours -
Razak Kojo Opoku rejects efforts to tie Bryan Acheampong to 2014 Alhaji Bature article
2 hours -
Herman Suede and The Therapist reunite for “One by One II”
2 hours -
Zoomlion deploys 200 new trucks to tackle waste management nationwide
3 hours -
Afreximbank appoints Dr George Elombi as next president
3 hours -
Stanbic launches ‘Trade Connect’ to propel Ghanaian businesses
3 hours -
Kwame Poku signs for Championship side QPR
3 hours -
BSM commissions new maritime training centre at Regional Maritime University
3 hours -
Defence Minister provides important update on upcoming officer corps enlistment
3 hours