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Since the Year Began, Ghana has Hopped from One Economic Complication to the Other

The country for more than half of the year grappled with some economic shortcomings, including a two-decade high inflation rate. However, the past few months have seen the Gold Coast regaining some ground. In January Ghana’s inflation rate, according to the data set from the country’s National Bureau of Statistics, was 53.6% and a month later it dropped to 52.8%. Since then the country’s inflation rate has been in a steady decline, with October’s numbers coming in at a 14-month low. To combat inflation, the Bank of Ghana’s monetary policy committee held the policy rate at 30% in November for the third time in a year. The bank stated, “There is a need to keep the policy rate tighter for longer until inflation is firmly anchored on a downward trajectory towards the medium-term target.”