Ghana February Inflation Slowed

FILE - Customers shop at the Shoprite supermarket in the city's shopping mall in Accra, Ghana. Taken Oct. 11, 2007.

ACCRA - Ghana's consumer inflation slowed to 52.8% year on year in February from 53.6% in January, the statistics service said on Wednesday.

February was the second consecutive month that inflation has slowed, since reaching a more than two-decade high of 54.1% in December.

The central bank has hiked its main lending rate by 13.5 percentage points in the past year in an effort to contain price rises.

Ghana is facing its worst economic crisis in a generation and is in the process of restructuring its debt in order to secure a $3 billion loan from the International Monetary Fund.

It has also tried to shore up its currency, the cedi, which has fallen in the face of inflation and other factors.