Food inflation Archives - Wontumi Online

21 Aug

Finance Minister Fears Food Inflation May Soar Due To Delayed Rains

wontumionlineBusinessDelayed Rains, Food inflation, Mohammed Amin Adam

The Finance Minister, Mohammed Amin Adam (MP), has expressed concern that the delay in rains and its impact on crops could lead to a surge in food inflation. The Minister, accompanied by the Minister of Agriculture, Bryan Acheampong (MP), toured farms in the Bono East region to gain firsthand experience of the situation. After visiting several farms, the Finance Minister expressed his worries and assured farmers of government intervention, although he acknowledged that this could potentially contribute to an increase in inflation. On his part, the Minister of Agriculture, Bryan Acheampong, emphasized the need for government support to enable farmers…

20 Sep

Inflation To Trend Downwards In Coming Months – IC Research

wontumionlineBusinessCEDI, CPI, Food inflation, IC Research, Inflation, Non-food inflation

Barring any unforeseen shocks, inflation will trend downwards in the coming months. According to IC Research, this is due to a stable exchange rate and the upcoming food harvest season. “We believe the resumption of artisanal fishing supported the supply of fish stock in August 2023 after the closed season ended on July 31, 2023. We also believe the soothing effects of an improved exchange rate combined with the onset of crops and fish harvest as well as the diminishing impact of recent taxes dragged down inflation in August 2023”, it stated in a report dubbed “Ghana’s August 2023 Inflation:…

14 Sep

Reducing Inflation: Leverage Numerous Warehouses To Store Excess Food – Prof Peprah

wontumionlineBusinessAndrews University, Food inflation, Inflation, Professor Williams Kwasi Peprah

Associate Professor of Finance at Andrews University in Michigan, Professor Williams Kwasi Peprah has called on government to leverage its numerous warehouses in the country to store the excess food in the market to sustain the downward inflationary trend. His comment follows the slowdown of inflation in the month of August, 2023 to 40.1% from the 43.1% recorded in July 2023. Food inflation witnessed a decrease to 51.9% from the 55% the previous month. Reacting to this development on Business Live on Joy News, Prof. Peprah admonished government to take proactive steps to sustain this trajectory. “The government has already…

09 Aug

Ghana Ranked Among 10 Countries Globally With Highest Food Inflation – World Bank

wontumionlineBusinessFood inflation, Ghana, world bank

Ghana has been ranked among 10 countries in the world with the highest food inflation. According to a Food Security Report by the World Bank, the country’s Nominal Food Inflation (year-on-year) of 54% placed the nation at the 8th position. It Real Food Inflation (year-on-year) of 12%, however, placed it at the 9th position. For the Nominal Food Inflation category, Venezuela placed first with a year-on-year inflation of 414%. It was followed by Lebanon (280%), Zimbabwe (256%), Argentina (117th), Suriname (71%), Egypt (66%), Sierra Leone (58%) in the 2nd, 3rd, 4th, 5th, 6th and 7th positions respectively. With regard to Real Food Inflation, Zimbabwe…

21 Jun

Inflation To Remain Above 10% Until End-2025 – BoG

wontumionlineBusinessBoG, Food inflation, Inflation, Non-food inflation

Barring any unanticipated shocks, inflation is projected to gradually trend downwards but remain above the upper band of 8±2% until the end of 2025. According to the May 2023 Monetary Policy Report by the Bank of Ghana, risks to the inflation outlook are fairly tilted to the downside supported by the relative stability in the exchange rate, reduction in ex-pump petroleum prices, alongside base drift effects. This could mute the upward adjustments in administrative prices. Given these considerations, the Monetary Policy Committee decided to maintain the Monetary Policy Rate at 29.5% in May 2023. Headline inflation had already declined significantly…

10 May

Inflation Falls To 41.2% In April 2023

wontumionlineBusinessBoG, Food inflation, GSS, Non-food inflation

Year-on-year inflation fell for the 4th month running to 41.2% in April 2023, from 45% in March 2023, extending the disinflation process since January 2023. According to the Ghana Statistical Service, both food inflation and non-food inflation dipped last month. This slump in inflation could compel the Bank of Ghana to keep its policy rate unchanged at 29.5% when the Monetary Policy Committee begins its 112th Meeting on May 17, 2023. However, the cost of credit still remains expensive as average lending rates hover around 35%. According to the figures, food inflation went down to 48.7% in April 2023, from 50.8%…

22 Feb

Work Closely With Various Agric Stakeholders To Reduce Food Inflation – Prof Osei-Assibey To Government

wontumionlineBusinessAmCham Economic Outlook Report, Food inflation, Professor Eric Osei Assibey

Government has been entreated to work closely with various stakeholders to bring down food inflation. According to Senior Lecturer at the Department of Economics of the University of Ghana, Professor Eric Osei-Assibey, this is a smart way of reducing inflation. Recent data from the Ghana Statistical Service shows that food inflation went up to 61% in January 2023, from 59.7% in December 2022. Professor Osei-Assibey says this requires the adoption of such policy to bring the rate of food inflation down. Speaking at the American Chamber of Commerce-Ghana 2023 Economic Outlook Report, he said government should be deliberate in its…