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Ghana: Inflation decreases to 22.8%

Published

5 months ago

July 10, 2024

According to the statistics office, Ghana’s consumer inflation decreased for a third straight month in June, falling from 23.1% in May to 22.8% year over year.

Samuel Kobina Annim, a government statistician, stated at a press conference that the June inflation was mostly caused by a decrease in non-food inflation, which fell to 21.6%, sufficient to offset a rise in food inflation.

The West African nation that produces oil, gold, and cocoa is struggling to recover from a financial catastrophe.

Last week, it overcame a significant obstacle to restructure its foreign obligations when its official creditors verified that the suggested debt rework was not unduly advantageous to bondholders.

In Ghana, the rate of inflation was approximately 9.98 per cent higher than the previous year. By 2029, inflation in Ghana is expected to have dropped to 8% from its peak of about 17.5% in 2016.

Economists say that a stable economy of a nation should aim for a constant inflation rate of two to three per cent. The rise in consumer goods and services prices over a specific period is known as inflation.

Excessive money supply is often the cause of high inflation rates, which can lead to hyperinflation—that is, inflation that happens too quickly and swiftly, devaluing currency and even triggering a recession or even an economic collapse.

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Nigeria’s Dangote Refinery exports first fuel to Cameroon

Published

1 day ago

December 12, 2024

Ifeoluwa Dada

The Dangote Refinery in Nigeria said on Wednesday that it had exported its first petrol to Cameroon, marking a significant milestone that may help stabilise gasoline costs throughout the region and open the door for regional energy integration.

When fully operational, Nigerian billionaire Aliko Dangote’s 650,000-barrel refinery in Lagos is intended to alter the trade of refined products in the Atlantic basin and compete with refineries in Europe.

According to a statement by Neptune Oil, an energy company based in Cameroon, both businesses were looking into new projects to create a dependable supply chain that would assist in stabilising fuel costs and opportunities throughout the area.

According to Neptune Oil, there were no middlemen involved in the petrol delivery deal.

It is anticipated that the refinery’s operations will spur growth in the upstream, midstream, and downstream sectors, increasing investments in cement manufacture, plastic and rubber production, chemical and pharmaceutical goods, and oil refining.

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Egypt’s November inflation drops to 25.5%, near 2-year low

Published

3 days ago

December 11, 2024

Ifeoluwa Dada

According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.