{"id":209780,"date":"2024-08-16T13:58:25","date_gmt":"2024-08-16T13:58:25","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/08\/16\/20-9-inflation-in-ghana-is-good-progress-but-still-too-high-world-bank\/"},"modified":"2024-08-16T13:58:25","modified_gmt":"2024-08-16T13:58:25","slug":"20-9-inflation-in-ghana-is-good-progress-but-still-too-high-world-bank","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/08\/16\/20-9-inflation-in-ghana-is-good-progress-but-still-too-high-world-bank\/","title":{"rendered":"20.9% inflation in Ghana is good progress but still too high \u2013 World Bank"},"content":{"rendered":"<p><\/p>\n<div>\n            <!-- image --><\/p>\n<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"610\" height=\"424\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/3news.com\/wp-content\/uploads\/2024\/08\/World-Bank.png\" srcset=\"https:\/\/3news.com\/wp-content\/uploads\/2024\/08\/World-Bank.png 610w, https:\/\/3news.com\/wp-content\/uploads\/2024\/08\/World-Bank-300x209.png 300w, https:\/\/3news.com\/wp-content\/uploads\/2024\/08\/World-Bank-604x420.png 604w, https:\/\/3news.com\/wp-content\/uploads\/2024\/08\/World-Bank-150x104.png 150w\" sizes=\"auto, (max-width: 610px) 100vw, 610px\" alt=\"\" title=\"World Bank\"\/><\/div>\n<p>            <!-- content --><\/p>\n<p><strong>Although Ghana\u2019s inflation rate has declined, the rate is still high, the World Bank Country Director, Robert Taliercio O\u2019Brien, has said.<\/strong><\/p>\n<p>He attributed the recovery of the economy to the good policy position of the government.<\/p>\n<p>The inflation rate for the month of July dropped to 20.9%, the Government Statistician Professor Samuel Annim announced on Wednesday, August 14.<\/p>\n<p>This marks the fourth consecutive month of decline in the rate.<\/p>\n<p>The drop represents a 2.1 percentage point decrease from June\u2019s 23.0%, signalling a gradual easing of the economic pressures that intensified throughout 2023.<\/p>\n<p>In July, food inflation stood at 21.5%, while non-food inflation was slightly lower at 20.5%. Interestingly, the inflation rate for imported items was recorded at 15.6%, significantly lower than the 23.3% observed for locally produced goods.<\/p>\n<p>This sustained decline in inflation, which began in April 2024, indicates a steady cooling of price growth.<\/p>\n<p>The World Bank Country Director said regarding tuis that \u201cInflation has been reduced, so it\u2019s on a declining path, and it needs to keep declining. It\u2019s still too high, but good progress is being made, thanks in part to the policy position of the government.\u201d<\/p>\n<p>He further indicated that the World Bank is optimistic about is debt restructuring.<\/p>\n<p>\u201cGhana implemented the domestic debt restructuring in 2023 and reached an agreement under the G20 Common Framework with its official creditors,\u201d Robert O\u2019Brien stated.<\/p>\n<p>He further explained that a Memorandum of Understanding on restructuring the official bilateral debt was achieved and is currently in progress.<\/p>\n<p>\u201cAs of June of this year, the government announced an agreement in principle with the commercial bondholders, which is the third piece of the debt restructuring program. So again, very good progress, but more to do,\u201d he added.<\/p>\n<p>The World Bank official also commended government\u2019s fiscal consolidation efforts, which have led to a significant reduction in public spending.<\/p>\n<p>\u201cWe saw very important measures taken by the government to reduce expenditures last year, which resulted in a 7.9 percentage point decrease in spending,\u201d he said, describing it as \u201ca very significant effort\u201d to get fiscal management back on track.<\/p>\n<p>Despite the achievements, the World Bank cautioned that Ghana\u2019s economic recovery is not yet complete.<\/p>\n<p>\u201cThere\u2019s more to do,\u201d he told Joy News.<\/p>\n<p>He further urged continued focus on sustaining the progress made so far while addressing the remaining challenges.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Although Ghana\u2019s inflation rate has declined, the rate is still high, the World Bank Country Director, Robert Taliercio O\u2019Brien, has said. He attributed the recovery of the economy to the good policy position of the government. The inflation rate for the month of July dropped to 20.9%, the Government Statistician Professor Samuel Annim announced on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":209781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-209780","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>20.9% inflation in Ghana is good progress but still too high \u2013 World Bank - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/08\/16\/20-9-inflation-in-ghana-is-good-progress-but-still-too-high-world-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"20.9% inflation in Ghana is good progress but still too high \u2013 World Bank - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Although Ghana\u2019s inflation rate has declined, the rate is still high, the World Bank Country Director, Robert Taliercio O\u2019Brien, has said. He attributed the recovery of the economy to the good policy position of the government. 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