Inflation surges by 308.57% from January to October – Report

A weekly market review has shown that Ghana’s inflation has surged by 308.7% from the beginning of 2022 to October 2022.

The report by the Young Investors Network and NIMED Capital Network also said the growth rate in the yield for treasury bills since the beginning of the year 2022 to date was (91 day-bill 184.33%), (182 day-bill 176.74%) and (354 day-bill 118.39%).

It also added that Ghana’s reference rate began the year at 13.90% and increased steadily over the period to 32.83% in December 2022, this represents a 136.19% year-to-date rise.

On the forex market, the CEDI/USD pair gained 4.17% or 0.5459 pesewas to GH¢12.5580 week-on-week.

The CEDI/POUND pair rose 3.99% or 0.6397 pesewa to GH¢15.3955 week-on-week and the CEDI/EURO pair surged 3.73% or 0.5130 pesewa to GH¢13.2258 week-on-week.

The market report also stated that the Ghana Stock Exchange closed relatively low during the week after registering two (2) losses with no advancers.

The losses were recorded in Unilever Ghana (-9.83%) and NewGold (-21.06%).

However, among the top 10 strongest economies, Ghana came last with a nominal GDP of $73.894 billion and $2,303.290 per capita income.



Disclaimer: This document does not constitute an offer to buy or sell any securities, nor is it meant to encourage an offer to do so. Before purchasing any security, investors are urged to consult with their respective investment houses for independent advice. This document's facts and opinions were gathered from or arrived at after doing our best to rely on credible sources. Although great care has been taken in the preparation of this paper, NIMED CAPITAL and the Young Investor Network, as well as any team member, make no guarantees as to the accuracy of the information included within. This report's conclusions and projections are subject to change after publication at any moment without prior notice.

SSD/FNOQ