Ghana consumer inflation rises further to 27.6% y/y in May

Inflation in Africa's second-largest gold and cocoa producer hit an 18-year high in April, prompting the central bank to hike interest rates to 19% in late May. Meanwhile, Ghana's cedi has also resumed its rapid depreciation against the U.S. dollar.

Ghana's consumer price inflation accelerated to 27.6% year-on-year in May from 23.6% in April, marking a full year of continuous price acceleration in the West African nation, the statistics service said on Wednesday. Inflation in Africa's second-largest gold and cocoa producer hit an 18-year high in April, prompting the central bank to hike interest rates to 19% in late May.

Meanwhile, Ghana's cedi has also resumed its rapid depreciation against the U.S. dollar. The currency has lost around 5% since its close on May 9, and more than 21% since the year began.