Inflation Rises To 43.1%
Ghana’s inflation rate has for the fourth consecutive time increased after May and June hikes.
The Ghana Statistical Service (GSS) in its monthly inflation report said July inflation hang at 43.1% facilitated by food inflation and imported goods.
Whereas food inflation stands at 55.0%, non-food inflation staggers at 33.8%.
Meanwhile, inflation for locally produced items and imported items is 37.5% and 45.7% respectively.
The country recorded an inflation rate of 42.2% in May from 41.2% in April. In June, it recorded an inflation rate of 42.5%.
Specifically, the GSS reports that personal care, social protection and miscellaneous goods and services; furnishing, household equipment and routine household equipment; food and non-alcoholic beverages; alcoholic beverages, tobacco and narcotics and; housing, electricity, water, gas and other fuels recorded inflation rates higher the national inflation rate last month.
Regionally, 11 out of the 16 regions recorded inflation rates higher than the national average including Upper East (50.2%), North East (64.0%), Northern (48.1%), Savannah (47.9%), Bono (48.3), Bono East (44.4%), Western North (55.8%), Western (47.3%), Central (45.4%), Eastern (48.8%) and Volta (43.7%).
On the other hand were the Ashanti, Greater Accra, Ahafo, Oti and Upper West regions which recorded 35.3%, 31.8%, 38.4%, 38.6% and 40.2% inflation rates respectively.
The Central bank and the Ministry of Finance have both attributed the rising inflation rates to a variety of factors, including higher food prices, implementation of new tax measures, and utility tariff adjustments.
The Bank of Ghana (BoG) anticipates inflation will go further higher as a result of the second round effects of food prices.
To forestall this, the Minister for Finance, Ken Ofori Atta, while reading the 2023 Mid-year budget said the government plans to spearhead what it calls the Economic Enclaves Project (EEP) in selected areas in the country.
He said the government would provide agriculture infrastructure and land development support to entrepreneurial youth and the formal private sector in pursuit of this project.
