GHANA’S INFLATION HIT 30% CLOSE
Every Ghanaian is aware that there is a high rate of inflation in the country. From time to time, the economy has become very hard with prices of fuel, and other goods and services rising unsteadily. On the 13th of June, 2022, the Ghana Statistical Service released data that shows the rate at which Ghana’s inflation has risen.
The data indicated the inflation rate to have risen to 29.8%, which is close to 30%, as of the month of June. However, comparing this to a month earlier, the inflation rate was 27.6%.
Furthermore, during the monthly press briefing, the Government statistician known as Samuel Kobina Annim, stated that since December 2003, the month that had the highest inflation rate was the month of June. He claimed that the rise is even far above the target band that was set by the Bank of Ghana. He further stated, “At least 97 out of 307 items recorded inflation rates higher than the national average with more than half being non-food items or locally produced items.”
FURTHER THOUGHT
As a result of this high inflation rate in Ghana, young concerned citizens of Ghana bearing the name “Arise Ghana” organized a two-day protest to draw the government’s attention to the hardship and high cost of living in the country.
Nonetheless, it ended on a bad note. A few weeks after, the Teachers Union also declared a nationwide strike action after the government’s failure to heed their call on payment of Cost of Living Allowance due to the high inflation rate in the country.
Additionally, following these protests against the over rising inflation in the country, the government decided to seek for a solution to help salvage the situation. As such, the government has reversed its policy decision not to seek support from the IMF again. The government has thus, begun to negotiate talks with IMF for financial assistance of 1. 5 million dollars to strengthen its financial crisis.
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