Ghana’s inflation rate climbs to 7.8%, World Bank grants additional $200 million for COVID-19 financing

Ghana’s inflation rate rose to 7.8% in June, the Government Statistician Samuel Kobina announced on Wednesday, driven by transport and food items.

Food contributed 41.8% to overall inflation while transport contribution increased from 16.5% last month to 18.1%.

“Inflation for June 2021 indicates that the six-month continuous decline in food inflation has been reversed by 1.9 percentage points,” he said.

In other news, the Second Additional Financing Agreement worth $200 million for Ghana’s COVID-19 Emergency Preparedness and Response Project was inked by Finance Minister Ken Ofori-Atta and the World Bank in the capital Accra on Tuesday.

The agreement brings the total amount of money provided as support to Ghana by the World Bank at $430 million.

The Project, dubbed: “The Second Additional Financing for the Ghana COVID-19 Emergency Preparedness and Response Project (COVID-19 AF 2),” is to prevent, detect and respond to the threat posed by COVID-19, as well as strengthen national systems for public health preparedness across the country.

Speaking at the signing ceremony, Ofori-Atta said the funds would help the country implement a robust COVID-19 vaccination program and strengthen ongoing social welfare programs.

He also urged further collaboration with the World Bank to support other sectors. “Our work doesn’t end here. We must demonstrate our united front and commitment to rebuilding our communities,” he said.

“As we advance, I hope to see additional collaborations, partnerships, and substantial resources from the World Bank towards implementing policy initiatives under the Ghana CARES programme.

“With a joint determination, I believe we can continue to make a valuable contribution towards funding Ghana’ structural transformation. That is our task, our challenge and our opportunity.”

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