Inflation Archives - Page 4 of 7

20 Sep

Policy Rate To Be Maintained At 30% – GCB Capital

wontumionlineBusinessGCB Capital, Inflation, policy rate

Ahead of the announcement of a policy rate on Monday September 25, 2023, GCB Capital expects the Monetary Policy Committee [MPC] of the Bank of Ghana to maintain the policy rate at 30% for the rest 2023. It however believes the policy stance will subside in first quarter of 2024 once inflation eases sufficiently. In its weekly report, it said inflation will decline in quarter 2023. “Separately, the CPI [Consumer Price Index] data published last week shows headline inflation eased by 3% in August 2023 ahead of the MPC meeting starting at midweek. Despite the simmering upside risks from petroleum…

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…

13 Sep

Market Anticipates Further Inflation Pressure In August

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As the clock ticks toward the release of August 2023 inflation figures today, there is growing anticipation that headline inflation will extend its upward trajectory for the fourth consecutive month – marking a worrisome trend since May of this year. After recording disinflation in the first four months, Ghanaians have had to grapple with an acceleration in the rate from May to July 2023. The surge in inflation since May 2023 can be attributed to a combination of factors, including the impact of new revenue interventions, upward adjustments in utility tariffs and persistent food price pressures. While the initial effects…

14 Aug

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

wontumionlineBusinessAfrican Development Bank, Inflation

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…

14 Aug

Inflation Outlook For August 2023 Could Prompt Further Policy Action

wontumionlineBusinessInflation

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…

09 Aug

Ghana’s Inflation For July Increases To 43.1%

wontumionlineBusinessInflation

Ghana’s inflation for July 2023 has increased to 43.1% from 42.3% in June this year. This means that the cost of goods and services has increased by 43% over the period. According to the Ghana Statistical Service, food inflation was the highest driver of inflation at 55% with non-inflation being 33.8%. Inflation for locally produced items was 37.5% while inflation for imported items was pegged at 45.7%. On the regional front, Greater Accra recorded the lowest regional inflation rate of 31.8% with the North-East region recording the highest regional inflation rate of 64%. Food and non-alcoholic beverages however recorded an…

07 Aug

Input Cost Inflation Slows Again In July

wontumionlineBusinessInflation

Business conditions in Ghana continued to improve as the second half of the year got underway, with a further softening of cost pressures helping to support demand. Overall input prices increased at the joint-softest pace in 38 months while output, new orders and employment rose further. The S&P Global Ghana Purchasing Managers’ Index™ (PMI) ticked up to 50.5 in July from 50.4 in June. The index therefore signalled a marginal improvement of business conditions in Ghana’s private sector. Operating conditions have now strengthened in each of the past six months. New orders increased at a solid pace again in July,…

17 Jul

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

wontumionlineBusinessfuel prices, Inflation

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…

12 Jul

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

wontumionlineBusinessfood prices, Inflation

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…

05 Jul

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

wontumionlineBusiness2023 Mid-Year Budget Review., BoG, GNCCI, Inflation, Tax net

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…