Ghana inflation rises to 31.7% in July, highest since 2003

Ghana's consumer inflation accelerated to 31.7% annually in July from 29.8% in June, statistics service data showed on Wednesday, its highest since December 2003 although the pace at which it increased slowed for the second month in a row. Ghana's central bank has raised its main lending rate by 550 basis points since November to try to rein in inflation.

The cedi currency has depreciated around 30% this year, all three major credit rating agencies have downgraded Ghana's sovereign bonds into 'junk' status, and the government has turned to the International Monetary Fund for financial support.