January's inflation drop to 53.6 per cent follows a more than two-decade high of 54.1 per cent the previous month.

Capital outflows, debt-service load, and a rapid currency devaluation have all damaged Government and individual finances.

"This suggests that the variation in the exchange rate may have contributed to the marginal drop in inflation we saw in January 2023, though we are yet to do a robust analysis," said Government statistician Samuel Kobina Annim, as reported by Reuters.

Ghana's Central Bank has increased lending rates by 13.5 per cent since early last year in an effort to contain price rises.

Food inflation raised to 61 per cent in January while non-food inflation was down to 47.9 per cent.

The food and non-alcoholic beverages category was the one that contributed most to overall inflation.

Ghana's currency, the cedi, was very volatile in December as it rose against the United States Dollar, which coincided with a $3 billion (£2.4 billion/€2.8 billion) rescue package from the International Monetary Fund.

Ghanaian President Nana Akufo-Addo then agreed to release funds to complete infrastructure projects for the Games, set to take place from August 4 to 19.

There are serious concerns that hosting the upcoming African Games will only exacerbate the financial crisis however.

The country's former President John Mahama has led calls for the cancellation of the event.

He is joined by George Haldane-Lutterodt, a former President of the Ghana Athletics Association and economist, who has also claimed that the Games should be postponed or cancelled.

On the other hand, Kwaku Ofosu Asare, chairman of the Organising Committee, has claimed it will cost Ghana just as much not to hold the Games as to stage it.