The government and the Bank of Ghana are working together, according to vice president Dr. Mahamudu Bawumia, to solve the continuing cedi depreciation and the nation's rising inflation rates.

He claims that the Central Bank has started assisting with some steps meant to alleviate the ongoing economic issues that have led to a high cost of living.

The Vice President mentioned the recent increase in interest rates as one of the ways to reduce inflation in an interview with Kenyan television station KTN News.

"In Ghana, we are addressing the problems in the setting of a very constrained or constrained budget."

The Central Bank is attempting to manage inflation through monetary policy. To address the issue, there have been several interest rate rises, according to Dr. Bawumia.

The latest inflation estimates for the nation were reported by the Ghana Statistical Service to have reached 33.9 percent in August, which is the highest level in 21 years.

Prof. Kobina Annim, a government statistician, claimed that the high costs of fuels, housing, water, electricity, and other commodities were the main causes of the inflation spike.

Since then, the development has raised concerns that it will take longer to alleviate inflationary pressures.

Ghana agreed to approach the IMF for an economic support program in July of this year. Once an agreement is achieved, access to the program is anticipated in 2023.