The government has targeted an inflation rate of 18.9% by the end of December 2023, the Finance Minister Ken Ofori-Atta has said.
The latest data from the Ghana Statistical Service (GSS) indicates that headline inflation accelerated to 40.4% in October 2022, from 37. 2% in September and 33.9% in August.
The rise in the October inflation was broad-based, driven by both food and nonfood prices.
Presenting the 2023 Budget Statement in Parliament on Thursday (24 November), Ofori-Atta said the government is also targeting an overall real gross domestic product (GDP) growth rate of 2.8% and a non-oil real GDP growth rate of 3%.
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