Food prices increase by 122%, Ghana ranks 1st in Sub-Saharan Africa – World Bank

A World Bank report has revealed that Ghana is number one among countries with the highest food prices in Sub-Saharan Africa since January 2022. Food prices, according to the World Bank’s October 2022 Africa Pulse Report, have been on the rise since January 2022 by 122%, according to myjoyonline.com. The report noted that Ghana has experienced very rapid food price increases this year, breaching the “inflation ceiling of the central bank target bands for all countries with an explicit nominal anchor.” Ghana’s inflation has been largely influenced by food, transportation, and fuel. According to the Ghana Statistical Service, the country’s current inflation rate stands at an all-time high of 33.9% as of August 2022. Food inflation alone was 34.4%, higher than the national average. The drivers of food inflation in Ghana are Oils and Fats (67%); Fish and Other Seafood (42.9%); Water (42%); Cereal products (40%); Milk, Diary Products, and Eggs (39.7%), Fruits and Vegetable Juices (37.7%) and Live Animals and Meat (34.5%). All of the items recorded inflation rates higher than the national average of 33.9%. Meanwhile, Senegal followed Ghana closely with food price increases of 110%. Uganda is 2nd with a 107% increase in food prices. Ranking of Sub-Saharan African countries with the highest price increases in 2022 COUNTRY FOOD PRICE INCREASE (%) RANKING Ghana 122 1st Senegal 110 2nd Uganda 107 3rd Nigeria 106.5 4th Kenya 104 5th South Africa 102 6th Angola 101.5 7th Mozambique 101 8th Zambia 100.5 9th Congo 100 10th Watch the latest episode of BizTech below: SSD/BOG