Ghana: Drop in oil puts brakes on PPI

GHANA’S annual producer price inflation (PPI) slowed to 34.2 percent year on year as oil prices fell in December from a revised figure of 37.6 percent in November, the national statistics office said yesterday. The figure, which is high compared with average inflation in the region, is an indication of fiscal challenges facing the West African country. Ghana is seeking financial assistance from the International Monetary Fund to stabilise an economy whose growth is led by exports of gold, cocoa and oil. The main driver of the slowdown in PPI was linked to a global fall in the oil price, which fell by a half, an official said. – Reuters