Ghana producer price inflation falls to 2.0 pct in July

Ghana's producer price inflation fell to 2.0 percent year-on-year in July from a revised 3.2 percent the month before, driven by lower gold prices, the statistics office said on Wednesday.
Ghana is seeking to cut spending and restructure debt and is on target to slow inflation to 8 percent, plus or minus two percentage points, by the end of 2017 as part of a three-year aid deal with the International Monetary Fund.
Inflation in mining and quarrying dropped to 4.1 percent in July from 12 percent in June. In manufacturing, it fell to 1.8 percent from 2.4 percent. Utility inflation was unchanged at 1.3 percent.
"Ex-factory prices of gold eased in July by around 2 percent and that mainly accounted for the overall decline in the index," government statistician Baah Wadieh told reporters in Accra.
Ghana was for years one of Africa's fastest-growing economies, but growth slumped in 2014 as global commodities prices fell and inflation, the budget deficit and public debt all rose.
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