The Ghana Statistical Service (GSS) reports today that January inflation was 53.6%, down 0.5% from December 2022’s rate of 54.1%. This comes as the Ghanaian government claims to have attained almost 80% participation in its domestic debt exchange program.
The GSS reported that food inflation was 61.0% and non-food inflation was 479.0%.
The Ghanaian government has failed to pay its debts, which are currently above 80% because to the country’s trash economy.
In order to signal to the International Monetary Fund (IMF) that it was prepared to receive the financing, the government had to take certain actions, such as restructuring its debt and establishing fiscal discipline, among others. This was accomplished in December, when the government and the IMF reached a staff-level agreement for a $3 billion economic support package.
