Accra – Ghana's inflation has escalated to 21.5 percent in September, marking an increase from the 20.4 percent recorded in August, as reported by the Ghana Statistical Service (GSS).

According to Namibia Press Agency, Samuel Kobinna Annim, the government statistician at GSS, revealed during a monthly briefing that this rise in inflation for September ends a five-month trend of declining rates, which had been observed from April to August. Annim attributed the increase primarily to a significant jump in food prices. Food inflation surged 3.0 percentage points to 22.1 percent in September, contrasting with non-food inflation, which saw a decrease of 0.6 percentage points to 20.9 percent.

The inflationary uptick comes shortly after Ghana's central bank decided to cut the benchmark policy rate by 200 basis points to 27 percent from 29 percent in January, reflecting an easing of inflation since April. Ernest Addison, Governor of the Bank of Ghana, commented on the economic adjustments, noting improvements in the country's economic fundamentals following reforms supported by the International Monetary Fund (IMF). Since April, the headline inflation rate has cumulatively dropped by 5.4 percentage points.

This financial restructuring follows the securing of a $3 billion loan from the IMF in May 2023, aimed at revitalizing Ghana's economy, which has been grappling with high debts, currency depreciation, and escalating inflation rates.