Ghana's consumer inflation rate eased for the third consecutive month, reaching 22.8% year-on-year in June, down from 23.1% in May, according to the Ghana Statistical Service (GHCPIY=ECI).

Key Factors Behind the Decline

Government Statistician Samuel Kobina Annim highlighted that the decline in June's inflation rate was primarily driven by a reduction in non-food inflation, which fell to 21.6%. This decrease effectively offset the increase in food inflation.

Economic Context

Ghana, a major producer of cocoa, gold, and oil, is striving to recover from a significant economic crisis. The country recently cleared a major obstacle in restructuring its international bonds. Official creditors confirmed that the proposed debt rework was not overly favourable to bondholders, marking a critical step in Ghana's economic recovery process.