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March 15, 2026
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Gold is a better stabiliser of Ghana’s inflation than oil
Money
Policy
Growth
Key Points
- Ghana experienced severe economic pain in 2022, with annual inflation reaching 54.1% and prices for essential goods and services skyrocketing.
- Traditional explanations for this inflation included global oil prices, the COVID-19 pandemic's aftermath, and the Russia-Ukraine war.
- A new macroeconomic study by Ghanaian researchers Emmanuel Awuku Debrah and Benedict Atta Boateng challenges these views.
- Their research, "GANRAP Analysis: Gold, Oil, FX and Ghana Inflation," rigorously argues that the depreciation of the Ghanaian cedi, not global factors, was the primary driver of the inflation.
- The study covers 193 monthly data points from January 2010 to January 2026, providing a significant independent analysis of Ghana's macroeconomic dynamics.
Why This Matters
This study is crucial for Ghana as it redefines the understanding of its recent economic crisis, shifting focus from external shocks to domestic currency management. This re-evaluation can inform more effective monetary and fiscal policies to stabilize the cedi and combat future inflation, directly impacting the economic well-being and stability of Ghanaian citizens.
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