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.
The government has now turned to the International Monetary Fund (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 its 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.
Economists believe monetary adjustments like salary reviews, restructuring domestic debts, reduction in subsidies and cost of governance could help ease the pressure.
The finance minister is expected to present a mid-year budget review before parliament this July.
