The Ghana Statistical Services estimates that inflation will be 42.2% in May 2023, up from the 41.2% seen in April as a result of a slight increase in the cost of food commodities.
Professor Samuel Kobina Annim, the government statistician, attributed the increase in inflation to increases in the cost of food, with food inflation rising to 51.8% from the 48.7% noted in April. However, non-food inflation saw a slight decline from 35.4% in April to 34.6% in May.
The monthly inflation rate between April 2023 and May 2023 was 4.8%, up from the monthly inflation rate of 2.4% between March 2023 and April 2023.
The Ashanti region had the lowest regional inflation at 31.0%, while the Western North region had the highest regional inflation at 62.5%.
This would be the first increase in the figure this year following four consecutive months of declining inflation starting in January 2023.
According to Ghana’s Vice President, Dr. Mahamudu Bawumia, the nation is the best place to do business in the sub-region.
His comments follow the $3 billion in assistance the International Monetary Fund (IMF) provided, which the Ghanaian president believes will help stabilize the country’s economy.
Dr. Bawumia expressed assurance that investors who pick Ghana as their investment destination won’t be sorry they did.
He discussed Ghana’s advantages as a hub for investments while speaking to attendees at the Ghana Investment Summit in the UK.
He cited the country’s law-abiding citizens, educated and literate population, and vibrant young population as important elements that make Ghana an alluring location 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.”
