Ghana’s inflation hit 29.8% in June, the highest since December 2003.
The country’s statistics office says surging food and commodity prices are responsible for the spike.
Transport, which includes fuel, registered the highest price growth at 41.6 percent. Diesel saw 99.7 percent year-on-year inflation while petrol prices were up 69.4 percent.
Housing, which includes water, electricity and gas, saw a 38.4 percent increase and food inflation rose to 30.7 percent. Bread prices were up 44.5 percent.
After pledging not to return to the International Monetary Fund, the government has now turned to the IMF for a bailout plan expected to be worth $1.5bn (£1.3bn).
If granted, this will be the 17th time the country borrows from the IMF since independence in 1957.
Ghana’s total debt is estimated to be more than two-thirds of its revenue and an increase in its debt profile could harm future generations and scare investors.
Protests and anti-government activism have grown in recent years, in response to a worsening economy and corruption allegations against the government of the president, Nana Akufo-Addo.
In May, hundreds of people demonstrated for days in Ghana’s capital, Accra, before being dispersed by police with teargas.
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