Ghana's inflation rate surged to 43.1% in July, marking a four-month high due to escalating food prices. The increase, attributed to rising food costs, could lead the central bank to consider further interest rate hikes to address the country's struggling economy. In response to soaring inflation, the central bank had already raised key interest rates to 30% the previous month. This move aims to curb consumer spending by making borrowing more expensive. Ghana is grappling with a severe financial crisis, characterized by a high level of public debt nearly equal to its gross domestic product (GDP). The International Monetary Fund (IMF) granted Ghana a $3 billion bailout to aid its economic recovery from the debt crisis. Similarly, neighboring Nigeria is also facing an economic crisis fueled by food price increases, as its headline inflation reached a seven-year high of 22.79% in July. Nigeria's central bank responded by raising the benchmark lending rate to 18.75% in an effort to manage inflationary pressure.

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