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Ghana currently ranks 6th in Africa for the highest food inflation, with a rate of 22.6% as of May 2024, according to the World Bank’s Food Security Update.
Leading the list are Malawi and Nigeria with food inflation rates of 40.7% and 39.2%, respectively. Sierra Leone (32.4%), Egypt (31.0%), and Ethiopia (25.5%) are ranked 3rd, 4th, and 5th, while Angola (18.5%) and Zambia (16.2%) follow Ghana in 7th and 8th positions.
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The World Bank report highlights that many African countries are still grappling with the ongoing burden of excessive inflation, particularly in food prices. It states that high food price inflation affects 59.1% of low-income countries, 63% of lower-middle-income countries, 36% of upper-middle-income countries, and 10.9% of high-income countries.
This persistent rise in the general price level of goods and services, especially food, has severe consequences. In African nations, where food constitutes a major part of household expenses, high food inflation exacerbates the risks of hunger and malnutrition, posing significant threats to food security and overall economic stability.
