Ghana's economic trends in 2023 as seen through key indicators

Updated Nov 21, 2023
outline In 2022, the Ghanaian economy faced its worst situation due to the burden of government spending to overcome COVID-19 and the aftermath of the global economic crisis. Accordingly, negotiations for a bailout with the IMF began in July 2022, but the country suffered an economic crisis such as a sharp decline in the exchange rate and a surge in inflation. However, related economic indicators are gradually stabilizing in 2023, and recovery is expected in the second half of the year and in 2024. Inflation and Exchange Rates Ghana's headline inflation peaked at 54.1% in December 2022 and has been gradually declining since 2023. After starting to decline to 53.6% in January 2023, it recorded 43.1% in July 2023 and 40.1% in August 2023. This can be seen as the result of extensive efforts, including strong market pressure to reduce food prices and continued easing of non-food prices. In detail, food inflation decelerated from 55.0% in July 2023 to 51.9% in August, and the non-food ...
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