The World Bank's report has revealed that the soaring inflation rates in 2022 led to a staggering 850,000 Ghanaians falling into poverty.

The economic crisis significantly affected food security and poverty levels in the country.

Notably, the year-on-year inflation surged from 14% to an alarming 54% between January and December, reaching the highest level seen since the early 2000s.

The impact was particularly severe on food prices, which increased at a higher rate than non-food items.

This resulted in a significant decrease in the real purchasing power of Ghanaians, disproportionately affecting the most vulnerable segments of the population.

“Simulations conducted during this period revealed alarming results, showing that approximately 850,000 Ghanaians were pushed into poverty solely due to the escalating prices in 2022. For these individuals and families, temporary declines in incomes and consumption became entrenched, leading to a situation where poverty became entrenched and, in some cases, even permanent. The situation worsened when it came to food security,” the World Bank report read in part.

“Another disturbing disclosure was that the number of food-insecure Ghanaians surged from 560,000 in the last quarter of 2021 to a staggering 823,000 during the same period in 2022. As food prices continued to climb, a significant portion of the population struggled to afford sufficient food to meet their dietary needs, let alone maintain a healthy and active lifestyle.”

The report urges the government to implement focused policies and coordinated efforts, aiming for Ghana's recovery and a more stable, prosperous future for its citizens.