Ghana Statistical service reported its inflation rate rose to 40.4% for the month of October 2022 as cost of goods and services continue to surge in the West African nation.
The West African nation’s inflation rate climbed more than expected in October, raising pressure on the central bank to continue increasing borrowing costs that are already at a more than five-year high.
Inflation rate in Ghana for the month of September was 37.2% suggesting the country’s economy battered by currency depreciation and fiscal challenges is not going away any time soon.
On a month-on-month basis inflation rate was 2.7% for the month under review compared to 2% in September 2022.
Relevance for Nigeria: Africa’s largest economy, Nigeria, is also experiencing galloping inflation currently at about 20.7% year on year.
A lot of Nigerians also live in Ghana and once referenced the economy has a model for Nigerians to follow.
However, the rising cost of living in Ghana could force Nigerians living there to return or look for a better life in other countries, especially in Europe, adding to the massive exodus of Nigerians out of Nigeria.
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