Ghana’s inflation rate dropped to 23.2% in February

Ghana’s inflation rate dropped to 23.2 percent in February 2024.

The country’s inflation decreased from the 23.5 percent recorded in January.

Samuel Annim, the Ghanaian government statistician, announced this while speaking with journalists on Wednesday.

Anim said prices of goods and services had contributed to inflation rate.

“The February rate of inflation fell to 23.2 percent. This year-on-year inflation signifies that over a one-year period, prices of goods and services have gone up by 23.2 percent,” he said.

“This figure is a reversal of the marginal increase we recorded in the month of January 2024 when the slowdown that we have successfully recorded for the last seven months saw a marginal increase to 23.5 percent.

“In reverse, we have turned around this increase for January 2024 to a reverse of 23.2 percent.”

On a month-on-month basis between January and February, inflation was 1.6 percent.

Food inflation stood at 27.0 percent in February, from 27.1 percent the previous month, while non-food price growth dropped to 20 percent, down from 20.5 percent.

Meanwhile, on February 14, Ken Ofori-Atta, minister of finance, was replaced during a reshuffling of cabinet by Ghanaian President Nana Akufo-Addo.

Ofori-Atta’s sack followed criticisms of the ex-banker’s leadership during the country’s worst economic crisis in a decade.