According to the most recent data provided by the Ghana Statistical Service, Ghana’s annual inflation rate jumped to 50.3% in November from 40.4% the month before.
The rate of inflation is at its highest level in more than 20 years.
The rapid increase in the price of housing, water, electricity, gas, and other fuels—which saw an inflation rate of 79%—is blamed for the problem.
On Tuesday, Ghana and the IMF came to a tentative agreement for a $3 billion (£2.4 billion) rescue, which is subject to the board of the fund’s approval provided all the conditions are met.
The agreement is anticipated to secure debt sustainability and aid in restoring Ghana’s economic stability. To be eligible for the loan, the government must reorganize the nation’s debt to levels that are manageable.
Due to their dissatisfaction with the new conditions, domestic bondholders have rejected the government’s decision to swap $10.5 billion in domestic bonds for new ones.
After losing half of its value this year, the local currency, the cedi, has been making big gains against the US dollar since last week.
However, it hasn’t shown up in the costs of imported necessities.
The nation of West Africa, which produces cocoa and gold, has been battling the greatest economic crisis in a generation, which has sparked public protests in the nation’s capital.