Food inflation Archives - Wontumi Online

21 Aug

Finance Minister Fears Food Inflation May Soar Due To Delayed Rains

Wontumi1BusinessDelayed 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…

14 Sep

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

Wontumi1BusinessAndrews 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

Wontumi1BusinessFood 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

Wontumi1BusinessBoG, 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…