High inflation pushed 850,000 Ghanaians into poverty in 2022 – World Bank report

According to a recent report from the World Bank, the high inflation rates experienced in 2022 had a severe impact on poverty in Ghana, pushing a significant 850,000 Ghanaians into impoverished conditions.

The economic crisis in 2022 was characterized by soaring inflation rates, leading to dire consequences for food security and poverty levels in the country. Throughout the year, the year-on-year inflation surged from 14% to an alarming 54%, marking the highest inflation rate seen since the early 2000s.

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The report highlighted that the inflation spike had a particularly harsh effect on food prices, which rose much faster than non-food items. Consequently, the real purchasing power of Ghanaians declined, hitting the poorest segments of the population the hardest.

“Simulations conducted during this period revealed alarming results, showing that approximately 850,000 Ghanaians were pushed into poverty solely due to the escalating prices in 2022. For these individuals and families, temporary declines in incomes and consumption became entrenched, leading to a situation where poverty became entrenched and, in some cases, even permanent. The situation worsened when it came to food security,” the World Bank report read in part.

“Another disturbing disclosure was that the number of food-insecure Ghanaians surged from 560,000 in the last quarter of 2021 to a staggering 823,000 during the same period in 2022. As food prices continued to climb, a significant portion of the population struggled to afford sufficient food to meet their dietary needs, let alone maintain a healthy and active lifestyle.”

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To address this situation and pave the way for a more stable and prosperous future for its citizens, the World Bank emphasized the need for the government to implement concerted efforts and strategic policies to facilitate Ghana’s recovery.

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