Planning For Oil

The latest data released by the Bank of Ghana (BoG) illustrates an end-07 uptrend in inflation. Headline inflation rose to 12.7% y-o-y in December, up from 10.1% in October. Core inflation - which is 'CPI ex energy and utility' as defined by the BoG - also ticked up to 9.4% in December from 8.3% in October. This brought inflation back to levels not seen since early 2006 and reversed the encouraging downtrend seen over Q307. Rising inflation could exacerbate income inequalities, posing risk to social stability - although we continue to see Ghana as a relatively peaceful and stable

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