The Ghana Statistical Service (GSS) has stated that inflation in the country reached 19.4% in March. Compared to February 2022, this is 3.7 percentage points higher than the previous month’s figure of 15.7 percent.
GSS reports that this is the highest score achieved in the nation in the last 13 years. According to the GSS, the major drivers of the rise were food and transportation, which included housing.
In a recent lecture by the Vice President, Dr. Mahamudu Bawumia, he said the country’s economy is stronger and better.
Addressing Ghanaians on the state of the economy at a National TESCON Training and Orientation Conference organised by the National Youth Wing of the New Patriotic Party (NPP) in collaboration with Danquah Institute, the former deputy governor of of the Bank of Ghana said the growth of Ghana’s economy is fundamentally stronger than it was in the 2013-2016 period.
…“the path of inflation in Ghana has been similar to those of other countries following the COVID pandemic. Inflation had declined from an average of 17.5% in 2016 to an average of 7.2% in 2020. Since the pandemic, inflation has increased to an average of 10% in 2021.”
“As of February 2022 inflation 15 rose further to 15.7% as a result of global conditions, including a rise in crude oil and other commodity prices and the Russian-Ukraine conflict. It is important to note that between 2013 and 2016 inflation averaged 15.9%. Between 2017 and 2021, however, inflation has averaged 10.4% notwithstanding the impact of COVID-19.”
Dr. Bawumia went on to say that interest rates are currently lower than they were between 2013 and 2016.