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Ghana's Inflation Drops to 40% in August Driven by Food Prices 📉 🇬🇭
In August, Ghana's inflation rate fell to 40.1%, a 10-month low, primarily due to lower food prices. Food inflation decreased from 55% in July to 51.9% in August, while non-food inflation increased from 30.9% to 33.8%. The country's Central Bank has been working to control inflation, recently raising the key lending rate to 30%. Despite these efforts, Ghana faces a challenging financial crisis, with public debt nearly as large as its GDP. The economy is projected to recover to its potential growth by 2025, but structural reforms are recommended to address the crisis.
Important Sentences:
- Ghana's inflation rate dropped to 40.1% in August, a 10-month low, primarily due to lower food prices.
- Food inflation fell from 55% in July to 51.9% in August, while non-food inflation increased from 30.9% to 33.8%.
- Ghana's Central Bank has been focused on controlling inflation, recently raising the key lending rate to 30%.
- The country faces a financial crisis with public debt nearly as large as its GDP.
- The economy is expected to recover by 2025, but structural reforms are recommended to address the crisis.
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