Latest news with #AlhassanIddrisu
Reuters
02-07-2025
- Business
- Reuters
Ghana consumer inflation slows to lowest level since 2021
ACCRA, July 2 (Reuters) - Ghana's consumer inflation (GHCPIY=ECI), opens new tab slowed for the sixth month in a row in June to 13.7% year-on-year, its lowest level since December 2021, the statistics service said on Wednesday. Government statistician Alhassan Iddrisu told a news conference that the underlying causes of inflation were cooling, and the downward shift over the last six months showed a sustained slowdown in prices. "The disinflation process we are observing means some breathing room for households, a more predictable environment for businesses, and for policymakers, a powerful signal that recent fiscal and monetary efforts may be taking hold," he said. He urged policymakers to stay the course. Food inflation dropped to 16.3% from 22.8% in May. "Given how heavily food prices weigh on the average Ghanaian in terms of households' budget, this single trend can have a meaningful impact on people's lived experiences," Iddrisu said. Ghana's central bank held its main interest rate (GHCBIR=ECI), opens new tab at 28.00% in May. The bank expected to announce its next monetary policy decision later this month. The gold- and cocoa-producing West African nation is emerging from its most severe economic crisis in a generation. Finance Minister Cassiel Ato Forson said in his March budget speech that sharp spending cuts would help bring inflation down to 11.9% by year-end.
Bloomberg
02-07-2025
- Business
- Bloomberg
Ghana Inflation Hits Three-Year Low, Putting Rate Cut in Play
Ghana's annual inflation slowed to a more than three-year low as a stronger cedi helped curb import costs, raising pressure on policymakers to cut interest rates later this month. Consumer prices rose to 13.7% in June, compared with 18.4% the previous month, Government Statistician Alhassan Iddrisu told reporters in the capital, Accra, on Wednesday.
Business Insider
01-07-2025
- General
- Business Insider
Nearly 30.7% of Ghana's population lives in slums
A new report released by the Ghana Statistical Service (GSS) has revealed that approximately 29.5% of Ghana's population, representing about 4.8 million people, are living in slums or informal settlements. Accra and Ashanti regions have the highest slum housing rates, over 50%. Recent Ghana Statistical Service report shows 29.5% of Ghanaians live in slums. Women in slums face higher fertility rates, posing additional challenges. The findings underscore the severity of Ghana's housing challenges and the urgent need for targeted urban development policies. Slums and informal settlements spread across cities Titled The Slums and Informal Settlements Report, the publication highlights widespread issues with housing, poor urban planning, and limited infrastructure in many Ghanaian communities. Launched on 30 June 2025, the report exposes deepening inequalities in the country's urban landscape. Speaking at the launch, Government Statistician, Dr Alhassan Iddrisu, described the figures as 'a serious wake-up call' and urged local authorities to take leadership in addressing urban poverty and housing deficits. 'This data must not be shelved,' Dr Iddrisu insisted. 'It should inform how we plan, allocate resources, and intervene at the local level to reduce disparities.' Greater Accra and Ashanti regions top slum sousing rates The report found notable regional disparities in slum conditions. The Greater Accra Region recorded the highest proportion of slum dwellers in rented spaces at 52.5%, followed by the Ashanti Region at 51.8%. Other regions posted significantly lower figures, suggesting that slum living is particularly concentrated in the nation's most densely populated urban centres. Dr Iddrisu called for urgent reforms in housing, sanitation, and social service delivery, noting that slum conditions pose serious threats to public health, safety, and equity. He urged metropolitan, municipal, and district assemblies to align their budgets and development strategies with the data presented. The report also observed that women living in slum areas exhibit slightly higher fertility rates compared to women in non-slum localities—a dynamic that may add pressure to already overstretched infrastructure and services in informal settlements. Despite Ghana's rapid population growth and increased internal migration, the GSS report revealed that only 10% of localities across the country are formally classified as urban, even though slum conditions persist in many areas. This mismatch between population trends and urban classification highlights a critical gap in planning and infrastructure expansion.
TimesLIVE
13-06-2025
- Business
- TimesLIVE
Ghana's economy grew 5.3% in first quarter of 2025
Ghana's economy grew faster in the first quarter of the year, driven by growth in the services sector and an agricultural recovery, the West African country's statistics agency said on Wednesday. Gross domestic product (GDP) in the world's second biggest cocoa producer grew by 5.3% year-on-year in the January to March, the data showed, compared with a revised 4.9% in the same quarter last year. "This momentum reflects more than just numbers. It signals recovery and the confidence of an economy finding its rhythm in a very complex global environment," government statistician Alhassan Iddrisu told journalists. Ghana is emerging from its deepest economic crisis in a generation. Finance minister Cassiel Ato Forson said in March that spending cuts should allow Ghana to achieve real GDP growth of at least 4% by the end of 2025. Last year's economic growth was 5.7%.
Bloomberg
11-06-2025
- Business
- Bloomberg
Ghana's Economy Grows 5.3% as Slump in Cocoa, Gold Sectors End
Ghana's economy expanded at the fastest pace since the third quarter of last year, propelled by its gold mining and agriculture sectors. Gross domestic product expanded an annual 5.3% in the three months through March, compared with 3.6% in the prior quarter, Government Statistician Alhassan Iddrisu told reporters in the capital, Accra, on Wednesday.
