According to a World Bank report, high inflation in 2022 resulted in 850,000 Ghanaians falling into poverty
As per the recent report made by the World Bank, the year 2022 witnessed a distressing scenario in Ghana, as soaring inflation rates plunged a significant 850,000 Ghanaians into poverty.
The economic crisis during that period was characterized by unprecedented inflation levels, surging from 14% to a staggering 54% between January and December – the highest seen since the early 2000s.
The repercussions of this inflation surge were particularly severe on food security, as the cost of food escalated faster than non-food items. This resulted in a sharp decline in the purchasing power of the population, impacting the poorest segments the most.
The report’s simulations revealed that the escalation in prices alone accounted for the substantial increase in the number of people living in poverty, and for some, the situation became entrenched and even permanent.
The food security situation was also dire, with the number of food-insecure Ghanaians soaring from 560,000 in late 2021 to a staggering 823,000 in the same period in 2022. With escalating food prices, a significant portion of the population struggled to afford enough food to meet their dietary needs, leading to challenges in maintaining a healthy lifestyle.
The World Bank emphasized the need for the government to implement concerted efforts and strategic policies to aid Ghana’s recovery and ensure a more stable and prosperous future for its citizens.
Source – citinewsroom.com
