Source; Joy Business
Since the start of 2022, food prices have increased sharply in many countries, largely due to the Russian/Ukraine war.
According to the Food Price Index in Countries in Sub-Saharan Africa, Ghana has recorded very sharp prices in food on the African continent.
World Bank: Ghana ranks 1st with highest food price increases of 22% in Sub-Saharan Africa
Food inflation in Ghana has been high, recording a year-on-year inflation of 34.4% in August 2022, the Ghana Statistical Service disclosed.
On month-on-month basis, inflation was even higher.
The drivers of food inflation in Ghana are Oils and Fats (67%); Fish and Other Seafood (42.9%); Water (42%); Cereal products (40%); Milk, Diary Products and Eggs (39.7%), Fruits and Vegetable Juices (37.7%) and Live Animals and Meat (34.5%). All of the items recorded inflation rates higher than the national average of 33.9%.
Overall, the World Bank said inflation breached the ceiling of the central bank target bands for all countries with an explicit nominal anchor.
In Nigeria, headline inflation started the year above the central bank limit of 9.0% and accelerated to 20.5% in August 2022 – the highest since September 2005. Food and fuel prices were the key factors behind the rally in inflation.
Meanwhile, Senegal followed Ghana closely with food price increases of 11%.
Uganda is 2nd with 7% increase in food prices.
Ranking of Sub-Saharan African countries with highest price increases in 2022
COUNTRY FOOD PRICE INCREASE (%) RANKING
Ghana 22 1st
Senegal 11 2nd
Uganda 7 3rd
Nigeria 6.5 4th
Kenya 4 5th
South Africa 2 6th
Angola 1.5 7th
Mozambique 1.0 8th
Zambia 0.9 9th
Congo 0.4 10th