Ghana inflation rises to 13.0% in April in higher transport costs

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A street vendor (R) stands on a street in Adabraka, Accra, Ghana, December 6, 2016. REUTERS/Luc Gnago

Higher transport costs helped drive Ghana’s annual inflation rate higher to 13.0 per cent in April from 12.8 per cent the previous month, the statistics office said on Wednesday.

The government of President Nana Akufo-Addo wants to slow inflation to 11.2 per cent by the end of the year as part of its drive to restore macroeconomic stability under a three-year aid deal with the International Monetary Fund (IMF).

In a positive for that target, food inflation fell to 6.7 per cent in April from 7.3 per cent a month earlier.

Non-food inflation, however, accelerated to 16.3 per cent from 15.6.

“The marginal increase in the index was mainly due to a rise in transport fares which went up by 9.6 per cent last month,” deputy government statistician Baah Wadieh told a news conference.

Ghana, which exports cocoa, gold and oil, said in April it was committed to reducing inflation, public debt and the budget deficit.

It was one of Africa’s best-performing economies until 2014, when it was hit by a slump in commodity prices.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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