{"id":216674,"date":"2024-09-11T14:27:08","date_gmt":"2024-09-11T14:27:08","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/09\/11\/ghanas-inflation-rate-falls-to-20-4-in-august\/"},"modified":"2024-09-11T14:27:08","modified_gmt":"2024-09-11T14:27:08","slug":"ghanas-inflation-rate-falls-to-20-4-in-august","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/09\/11\/ghanas-inflation-rate-falls-to-20-4-in-august\/","title":{"rendered":"Ghana\u2019s inflation rate falls to 20.4% in August"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Ghana\u2019s annual inflation rate fell to a 29-month low in August 2024, raising the likelihood of an interest rate cut when the country\u2019s central bank policymakers meet on September 30.<\/p>\n<p>The inflation rate slowed by 2.39% to 20.4%, down from 20.9% recorded in July.<\/p>\n<p>This is according to Government Statistician Samuel Kobina Annim during a briefing in Accra on Wednesday.<\/p>\n<h4><strong>Food as major driver\u00a0<\/strong><\/h4>\n<p>The primary drivers behind the reduction were price deflation in key food categories, including milk, oils, fats, and fruits and nuts, according to Annim.<\/p>\n<p>Food price growth slowed significantly, easing to 19.1% in August from 21.5% in the previous month. Conversely, non-food inflation edged up to 21.5% from 20.5%. On a month-to-month basis, overall prices declined by 0.7%.<\/p>\n<p>This marks the fifth consecutive month of inflation reduction in Ghana.<\/p>\n<p>Despite the drop, inflation remains significantly above the central bank\u2019s medium-term target of 8%, with a tolerance margin of two percentage points. The central bank had previously forecast inflation to fall within a range of 13% to 17% by the end of 2024.<\/p>\n<p>Finance Minister Mohammed Amin Adam had earlier expressed optimism about the nation\u2019s economic recovery, forecasting inflation to decrease to 15% by the end of 2024. He noted that the country\u2019s economy is rebounding at a pace faster than anticipated.<\/p>\n<p>The MPC has maintained the key interest rate at 29% since a rate cut in January, aiming to stabilize the cedi and prevent the currency\u2019s depreciation from influencing inflation expectations and business pricing behavior.<\/p>\n<p>However, the sustained deceleration of inflation, along with relative stability in the Ghanaian cedi, may influence the Bank of Ghana\u2019s Monetary Policy Committee (MPC) to cut interest rates later this month.<\/p>\n<p>The cedi has experienced a minor 1% depreciation against the U.S. dollar over the past month, following a more dramatic 24% decline earlier this year.<\/p>\n<p>Ghana, a major producer of cocoa, gold, and oil, is grappling with one of its worst economic crises in decades. The government is currently negotiating a $13 billion debt restructuring deal, offering international bondholders the opportunity to swap their holdings before the deadline on September 30.<\/p>\n<p>Ghana\u2019s dollar bonds, maturing in 2032, saw a slight rise of 0.2 cents, trading at 52.36 cents on the dollar by 11:38 a.m. in London.<\/p>\n<h4><strong>What you should know\u00a0<\/strong><\/h4>\n<p>The previous report from the National Bureau of Statistics (NBS) shows that Nigeria\u2019s headline inflation rate decreased to 33.40% in July 2024, down from 34.19% in June 2024. This marked the first decline in the headline inflation rate since December 2022, when it last dropped to 21.34%.<\/p>\n<p>Also, food inflation dropped to 39.53%, from 40.87% recorded in June 2024.<\/p>\n<p>However, inflation continues to bite hard across Nigeria.<\/p>\n<p>The NBS is expected to release the August 2024 Consumer Price Index (CPI) data on September 15.<\/p>\n<div class=\"code-block code-block-2\" style=\"margin: 8px 0; clear: both;\">\n<hr\/>\n<div style=\"text-align: center; font-size: 20px; font-weight: bold; color: #243b93;\">Follow us for Breaking News and Market Intelligence.<br \/> <img decoding=\"async\" src=\"https:\/\/nairametrics.com\/wp-content\/uploads\/2023\/08\/play-store-banner.png\" style=\"padding-top: 20px; padding-left: 20px; padding-right: 20px;\"\/> <img decoding=\"async\" src=\"https:\/\/nairametrics.com\/wp-content\/uploads\/2023\/08\/app-store-banner.png\" style=\"padding-top: 20px; padding-left: 20px; padding-right: 20px;\"\/> <img decoding=\"async\" src=\"https:\/\/nairametrics.com\/wp-content\/uploads\/2024\/04\/whatsapp-banner.png\" style=\"padding-top: 20px; padding-left: 20px; padding-right: 20px;\"\/> <img decoding=\"async\" src=\"https:\/\/nairametrics.com\/wp-content\/uploads\/2024\/04\/telegram-banner.png\" style=\"padding-top: 20px; padding-left: 20px; padding-right: 20px;\"\/><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ghana\u2019s annual inflation rate fell to a 29-month low in August 2024, raising the likelihood of an interest rate cut when the country\u2019s central bank policymakers meet on September 30. The inflation rate slowed by 2.39% to 20.4%, down from 20.9% recorded in July. This is according to Government Statistician Samuel Kobina Annim during a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":216675,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-216674","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>Ghana\u2019s inflation rate falls to 20.4% in August - 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\/09\/11\/ghanas-inflation-rate-falls-to-20-4-in-august\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana\u2019s inflation rate falls to 20.4% in August - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Ghana\u2019s annual inflation rate fell to a 29-month low in August 2024, raising the likelihood of an interest rate cut when the country\u2019s central bank policymakers meet on September 30. 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