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Inflation For May 2023 Rises To 42.2%1 min read

Inflation For May 2023 Rises To 42.2%<span class="wtr-time-wrap after-title"><span class="wtr-time-number">1</span> min read</span>

Representatives of Ghana's Finance Ministry, the Central Bank and IMF address the media in Accra
Representatives of Ghana’s Finance Ministry, the Central Bank and IMF address the media during a news conference in Accra, Ghana December 13, 2022. 

Ghana’s consumer inflation accelerated slightly to 42.2% year on year in May, up from 41.2% in April, the statistics service said on Wednesday.

The West African nation is grappling with its worst economic crisis in a generation and is restructuring its debt.

Authorities turned to the International Monetary Fund for a support package in July last year after rampant inflation spurred street protests.

Inflation reached a more than two-decade high of 54.1% in December, but it declined for fourth consecutive months up to April.

The central bank kept its main lending rate unchanged in May, saying tight monetary policy and relative exchange rate stability were helping inflation fall.

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