Ghana’s annual inflation rate 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 has borrowed from the IMF since independence in 1957.
Ghana’s total debt is estimated to be more than two-thirds of GDP and an increase in its debt profile could harm future generations and scare investors.
Economists believe a restructuring of debt and a 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 month.