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Inflation rises to 42.2% for May – GSS

The Ghana Statistical Services has pegged inflation for May 2023 at 42.2%, a 1.0% increase in the 41.2% recorded for April as prices of food commodities see a marginal surge.

Professor Samuel Kobina Annim

Government Statistician Professor Samuel Kobina Annim attributed the surge in inflation to hikes in prices of food items, with food inflation surging to 51.8% from the 48.7% recorded in April. Non-food inflation however recorded a marginal drop from 35.4% in April to 34.6% in May.

Month-on-Month inflation between April 2023 and May 2023 stood at 4.8%, a rise in the 2.4% month-on-month inflation between March 2023 and April 2023.

The Western North region recorded the highest regional inflation of 62.5% with the Ashanti region recorded the lowest of 31.0%.

This would be the first rise in the figure this year after a drop in inflation for four consecutive months since January 2023.

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Relatedly, the Vice President of Ghana, Dr. Mahamudu Bawumia has said the country is the best destination for business in the sub-region.

His reactions come following the $3 billion support received from the International Monetary Fund (IMF) which he believes will contribute to the stabilization of the Ghanaian economy.

Dr. Bawumia expressed confidence that investors who choose to invest in Ghana will not regret their decision.

Addressing participants at the Ghana Investment Summit in the UK, he outlined the strengths of Ghana as an investment hub.

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He cited the country's stable political environment, adherence to the rule of law, educated and literate population, and a dynamic youthful demographic as key factors that make Ghana an attractive destination for investment.

He said "We have a stable political environment, rule of law, an educated population, and a dynamic youthful population which is very literate. In the area of investments, it is one of West Africa's investments bright spots and the number one destination for doing business over the last decade."

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