Browsing: High tax rate in Ghana

  • In April, Ghana’s inflation eased for the fourth month in a row to 41.2%. In December the West African country’s inflation hit a record 54.1%.
  • With the depreciating local currency against the US dollar, imports have become increasingly out of reach for millions of citizens.
  • In early May, the IMF wired $3 billion to the Central Bank of Ghana to cushion is fast waning forex reserves.

The Central Bank of Ghana has maintained key interest rate at 29.5 percent to help tackle high inflation plaguing the West African Country. The fiscal policy regulator notes that the tight monetary stance and stabilising currency rates are playing a significant role in its decision. 

Central Bank of Ghana tackling inflation

Ghana, well known for its cocoa, gold, and oil, has suffered immensely, with recent fiscal measures causing high inflation rates. According to statistics, the West African nation is facing the worst economic crisis