‘A good chunk of our 23.6% inflation was imported’ – Ofori-Atta speaks on inflation rate

Finance Minister Ken Ofori-Atta has said a number of African countries are facing economic challenges.

The minister was speaking at a press conference held in Accra on Thursday, 12 May 2022.

According to Mr Ofori-Atta, 41 African countries have been hit by a severe food crisis, as well as fuel and financial problems.

“Today, 41 African economies are severely exposed to, at least, one of three concurrent crisis: rising food prices, rising energy prices, tightening financial conditions”, which, he said, Finance Ministers now call the dreaded three Fs: Food, fuel and financial conditions.

According to him, “that is just a ripple through in all Africa, and food prices easily about 34 per cent higher, crude oil prices, some 60 per cent higher and global inflation has risen”.

“We saw our numbers yesterday move to 23.6 per cent, a good chunk of it being imported inflation.”

For April 2022 the national year-on-year inflation rate recorded was 23.6 per cent.

The Ghana Statistical Service (GSS) disclosed this on Wednesday, 11 May 2022.

While the month-on-month inflation for March 2022 and April 2022 was 5.1 per cent.