Ghana’s annual inflation rate increased to 50.3% in November, up from 40.4% in the previous month, according to the latest figures by the Ghana Statistical Service.
This is the highest inflation recorded in more than two decades.
It is attributed to a sharp rise in the cost of housing, water, electricity, gas and other fuels, which recorded an inflation rate of 79%.
On Tuesday, Ghana reached an initial agreement with the IMF for a $3bn (£2.4bn) bailout subject to approval by the fund’s board if the country meets all the requirements.
The deal is expected to help restore Ghana’s economic stability and ensure debt sustainability. However the government has to restructure the country’s debt to sustainable levels to qualify for the loan.
Domestic bond holders have rejected the government’s decision to exchange $10.5bn in domestic bonds for new ones as they disagree with the new terms.
Since last week, the local currency, the cedi, has been making significant gains against the US dollar after losing half of its value this year.
But it has not reflected in the prices of imported essential commodities.
The cocoa and gold-producing West African country has been struggling to deal with the worst economic crisis in a generation which has resulted in street protests in the capital.
- Editor’s note: Headline corrected from 53 to 50.3 percent
