Factory workers pack sachets of treated drinking water in plastic bags at a factory in Accra, Ghana, on December 1, 2022.

Factory workers pack sachets of treated drinking water in plastic bags at a factory in Accra, Ghana, on December 1, 2022.

According to data collected by the statistics service, producer price inflation retreated in December reaching now 52,2%. Last month, consumer price inflation accelerated to 54.1% year-on-year driven by rising fuel, utilities and food costs.

According to experts, the decline in month-on-month producer inflation could represent a positive sign for next month’s headline inflation figure.

Ghana’s troubled cedi currency saw rapid appreciation against the dollar in December after a staff level agreement for a $3 billion IMF support package was reached at the start of that month. It has since fallen back toward record lows.