According to Professor Steve Hanke, a professor of Applied Economics at Johns Hopkins University, Ghana's inflation rate is currently 101 percent.

He revealed this in response to a Bloomberg piece on Ghana's economy, which indicated that the official government estimate of Ghana's inflation rate—37.2%—was incorrect, according to the American economist.

Most media coverage on the nation's economy are "either inaccurate or useless," according to Prof. Steve Hanke, who has consistently reported on Ghana's inflation rates.

Prof Hanke tweeted on Tuesday, October 18, "Bloomberg reports that #Ghana's inflation has hit 37.2%/yr in September—a 21-yr high. That's the official rate. It's WRONG.

"Today, I measure Ghana's inflation at 101%/yr. Remember my 95% Rule: 95% of what you read in the press is either wrong or irrelevant."

Ghana’s inflation rate was 37.2% in September, the Ghana Statistical Service said, as it announced changes to the way it calculates the data.

The local currency, the Ghana Cedi, is struggling.

The Cedi has been reported by Bloomberg to be the world’s worst-performing currency this year as investors continued to squeeze foreign capital into the west African country before a deal with the International Monetary Fund.

The currency of the world’s second-biggest cocoa producer depreciated as much as 3.3% Monday, before paring the loss to 11.2750 per dollar at 3:30 p.m. in the capital Accra. That took its losses this year to more than 45%, the most among 148 currencies tracked by Bloomberg.