Ghana's inflation soars as IMF deal drags on
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Loading... - Samantha Essal
- 27 Mar 2023
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The West African nation is facing one of its worst economic crises in decades. Soaring inflation is compounding the sufferings of many Ghanaians who now have to dig deeper into their pockets to afford essential goods.
Dela Omar, who works as an IT specialist in Ghana's capital, Accra, used to live very comfortably with his family of five. But in recent months, he has struggled to cope with Ghana's worsening economic crisis.
Omar says he cannot cope with the constant price increment of essential commodities. Moreover, he pointed out that caring for his family is even more challenging now than a year ago.
"Looking at the situation, you need to work extra hard, do other things to add up to your business to be able to make money to take care of the family," Omar told DW.
The inflation rate for February stood at 52.8% according to the Ghana statistical service. That means prices of items have more than doubled compared to last year.
Runaway prices of food items and other commodities mean families like Omar's are in constant distress.
Impact of inflation on health
"I have a problem that has become chronic. Almost every day, I have a headache because of the pressure on me," Omar said.
According to Omar, paying for a higher rent, children's school fees, and at the same time providing food at home comes with constant challenges amid a worsening economic crisis.
"I am living in a rented apartment, and I have to pay rent, my children's school fees, so putting all those things together gives me [a] headache. I need to do extra things to make money," he said.
Small businesses struggling
But consumers like Omar are not the only ones battling with the issue of runaway commodity prices.
Traders like Sampana Osei, who imports spare car parts in Accra, also feel the pinch.
The prices for his goods are constantly changing, making it difficult for him to reap profits from the capital he invested into his business. Osei blames the unstable nature of the local currency, the cedi, which keeps losing value against major currencies. Read More…
