Ghana economy booming – grows 8.7 percent in first quarter

Ghana’s statistics office also said producer prices in the country, a guide to consumer price inflation, rose 18.01 percent year-on year in May, well up on the 15.81 percent recorded in April, underlining inflationary pressures in the economy.

“That is a worrying rise, but given the pressure the currency has been under – perhaps not entirely surprising,” said Razia Khan of Standard Chartered Bank of the months-long decline of the cedi against the dollar as the economy sucks in imports.

The annual consumer inflation in Ghana, rose to 9.3 percent in May from 9.1 percent the month before.

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