inflation

Ghana’s Inflation To Remain Above 44.7% Until 2024 – AfDB Report
14 Aug

Ghana’s Inflation To Remain Above 44.7% Until 2024 – AfDB Report

Wontumi2Business,
Ghana’s inflation rate is expected to anchor above 44.7 percent until the year 2024, this is the projection from the African Development Bank. The Bank in its recently released West Africa Economic Outlook Report further projected that the country’s interest rates will continue to hover above 25 percent. The report noted that, “Within the West Africa region, inflation is projected to be highest in Ghana (45%), Nigeria (17%), Sierra Leone (27%) and the Gambia (12%). Except Nigeria, local currencies in the three other countries experienced double digit depreciation in 2022. This is expected to continue in the medium term.” For…
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Inflation Outlook For August 2023 Could Prompt Further Policy Action
14 Aug

Inflation Outlook For August 2023 Could Prompt Further Policy Action

Wontumi2Business
The economy is bracing itself for another surge in headline inflation come August 2023, with market watchers pointing to the likelihood of additional monetary tightening measures by the Bank of Ghana (BoG) in response. Elevated food costs continue to fuel the country’s inflationary pressures, marking the third consecutive month of price increases and casting shadows over the economic outlook for the coming month. The anticipated increase in headline inflation for August has prompted concerns about its impact on the broader economy. As Apakan Securities remarked in its review of the July 2023 inflation data, the unfavourable food harvest season this…
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We’ve stabilised exchange rates, inflation, other fiscal challenges – Ofori-Atta
31 Jul

We’ve stabilised exchange rates, inflation, other fiscal challenges – Ofori-Atta

Evans ManassehNews, , ,
The Minister of Finance, Ken Ofori-Atta in his 2023 mid-year budget review has indicated that the measures put in place by the government in attempts to mitigate the impacts of COVID-19 and the current economic challenges have resulted in stabilizing fluctuating exchange rates, softened inflation, and brought down interest rates. The Finance Minster in his presentation attributed the achievements to ongoing fiscal adjustments implemented by the government. He indicated that these fiscal adjustments have significantly improved the ailing economy. “Mr. Speaker, the implementation of ongoing fiscal adjustments and sustained investments in our people have contributed immensely to the stabilisation we…
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Inflation, Fuel Prices Are Holding Relatively Stable; Support Govt’s Recovery Efforts – Ahiagbah
17 Jul

Inflation, Fuel Prices Are Holding Relatively Stable; Support Govt’s Recovery Efforts – Ahiagbah

Wontumi1Business,
The Director of Communications for the New Patriotic Party (NPP) Richard Ahiagbah has said things are gradually getting better with the economy. He indicated that inflation rate is slowing, and prices of fuel have also stabilized. “4.2% first-quarter economic growth is 0.2% higher than the African Development Banks’ overall 4% projection for the 2023 & 2024 fiscal years, and 1.5% higher than the 2.7% global projection for the 2023 fiscal year. “Inflation and fuel prices are holding relatively stable showing that economic recovery is moving in the right direction. “We humbly appeal to Ghanaians to continue to support the government’s…
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Government Advised To Assess Surging Prices Of Food As Inflation For June 2023 Increases Marginally To 42.5%
12 Jul

Government Advised To Assess Surging Prices Of Food As Inflation For June 2023 Increases Marginally To 42.5%

Wontumi1Business,
The Government Statistician, Prof. Samuel Kobina Annim has advised policy makers to take a critical look at factors contributing to the increase of food inflation. He pointed out that food inflation has consistently seen an increase with about 20 percentage point compared to non-food inflation. Speaking to Journalists after announcing the Inflation for June which increased marginally to 42.5 percent compared to 42.2 percent in May, Prof. Annim announced that prices of common staple food such as vegetables and fish continue to record an increase over the period. “At the minimum we see a widening of the gap between food…
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Urgently Work With BoG To Address High Inflation; Expand Tax Net Instead Of Introducing New Ones – GNCCI To Government
05 Jul

Urgently Work With BoG To Address High Inflation; Expand Tax Net Instead Of Introducing New Ones – GNCCI To Government

Wontumi1Business, , , ,
The Ghana National Chamber of Commerce and Industry (GNCCI) is calling on the government to urgently work with the Bank of Ghana to find innovative ways of addressing the high inflation in the economy. This is part of its propositions for government to consider in the 2023 Mid-Year Budget Review. According to the Chamber, addressing the high inflation will help businesses to secure funds for expansion and recovery from the impact of COVID-19. The continuous increases in the policy rate and in effect lending rate, the Chamber said, are adversely affecting key productive sectors as well as the overall growth…
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Producer Price Inflation For May 2023 Drops To 30.3%
22 Jun

Producer Price Inflation For May 2023 Drops To 30.3%

Wontumi1Business
The Producer Price Inflation (PPI) for the month of May, 2023 fell to 30.3%, from the 34.3% that was recorded in April. According to the Ghana Statistical Service (GSS), this figure represents a 4.0 percentage point decrease in producer inflation relative to the rate recorded in April 2023 (34.3%). The GSS data showed that the month-on-month change in the PPI between April 2023 and May 2023 was -2.7 percent. Per the data from the GSS, the producer price inflation in the industry-less construction sector decreased to 32.5 percent in May 2023 from 37.1 percent in April 2023. The PPI in…
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Inflation To Remain Above 10% Until End-2025 – BoG
21 Jun

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

Wontumi1Business, , ,
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…
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Inflation For May 2023 Increases Marginally To 42.2%
14 Jun

Inflation For May 2023 Increases Marginally To 42.2%

Wontumi1Business, ,
The year-on-year Inflation for May 2023 has increased to 42.2% from 41.2 % recorded in April 2023. The marginal increase was largely influenced by a spike in food Inflation during the period. According to the Ghana Statistical Service, Food Inflation went up significantly from 48.7 percent in April 2023 to 51.8 percent for the month of May 2023. However, the Non -Food Inflation decline from 35.4 percent in April to 34.6 percent in May 2023 . The Government Statistician, Prof. Samuel Kobina Annim made the announcement in Kumasi in the Ashanti region. Prof. Annim explained that the contribution of the…
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Producer Price Inflation Hits 43.9%
18 May

Producer Price Inflation Hits 43.9%

Wontumi2Business
Data from the Ghana Statistical Service (GSS) indicates that the country’s Producer Price Inflation (PPI) has increased to 43.9% for the month of April 2023. What this means is that the PPI rate indicates that between April 2022 and April 2023, the country’s PPI witnessed a 2.1 per cent point increase in producer inflation relative to the rate recorded in March 2023. In March 2023, the PPI rate for the country stood at 41.8 per cent. For March, the month-on-month change in the PPI between March 2023 and April 2023 was 2.8%. According to the report from GSS, in the…
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