Ghana’s annual inflation dropped for the seventh consecutive month to 12.1 percent in July, Government Statistician Alhassan Iddrisu told reporters in the capital, Accra, on Wednesday giving room for further easing of monetary policies.
The drop to 12.1 percent from, compared with 13.7 percent in the previous month, is the lowest the country’s rate has been in almost four years.
According to Bloomberg, Africa’s biggest gold producer and the world’s second-largest cocoa grower is benefiting from a surge in the prices of the commodities, which have fueled a 39 percent rally in the cedi this year that’s helped rein in inflation.