World Bank ranks Ghana 6th in Africa for highest food inflation
Ghana has been ranked sixth among African nations for highest food inflation, with a rate of 22.6% in May 2024, according to the World Bank’s Food Security Update.
This places the country behind Malawi and Nigeria, which jointly lead the continent with food inflation rates of 40.7%.
Top Rankings in Food Inflation:
1. Malawi – 40.7%
2. Nigeria – 40.7%
3. Sierra Leone – 32.4%
4. Egypt – 31.0%
5. Ethiopia – 25.5%
6. Ghana – 22.6%
7. Angola – 18.5%
8. Zambia – 16.2%
The World Bank report highlights the continuing struggle with excessive food price inflation across many African nations.
This trend is not isolated to the continent, as elevated food price inflation affects a significant percentage of countries globally.
Specifically, 59.1% of low-income countries, 63% of lower-middle-income countries, 36% of upper-middle-income countries (an increase of 5.0 percentage points), and 10.9% of high-income countries (a decrease of 3.6 percentage points) are experiencing inflation higher than 5%.
The repercussions of such inflation are profound, particularly in African countries where food expenses constitute a substantial portion of household budgets.
The increase in food prices intensifies the risks of hunger and malnutrition, exacerbating existing economic vulnerabilities.
“Domestic food price inflation remains high in many low- and middle-income countries,” the World Bank noted in its update, stressing the ongoing impact on food security and economic stability.
As Ghana grapples with these inflationary pressures, the broader implications for public health and social stability underscore the urgency for effective policy interventions and international support to mitigate the adverse effects on its population.
