The Minister of Finance, Ken Ofori-Atta has disclosed that the New Patriotic Party (NPP) government cannot be blamed for the current record inflation rate.
He said factors that have led the country to record its highest inflation rate for 18 years is beyond what the ruling government can control.
He said almost all African countries are facing similar situations.
Speaking at a press conference in Accra, Mr Ofori-Atta said Ghana’s case is not an exception.
According to him, 41 African countries are currently exposed to the same crisis Ghana faces. These crises he mentioned are “rising food prices, rising energy prices, tightening financial conditions”.
“Today, 41 African economies are severely exposed to, at least, one of three concurrent crises, rising food prices, rising energy prices, tightening financial conditions Finance Ministers now call it the dreaded three Fs; food, fuel, and financial conditions.”
“That is just a ripple through in all Africa, and food prices easily about 34 per cent higher, crude oil prices some 60 per cent higher, and global inflation has risen; we saw our numbers yesterday moved to 23.6 percent, a good chunk of it being imported inflation.”
Ghana experienced its worst inflation rate in over a decade when the Ghana Statistical Service (GSS) announced on Wednesday, May 11, that the national year-on-year inflation rate was 23.6% in April 2022.
According to the GSS, four divisions – Transport (33.5%); Household Equipment and Routine Maintenance (28.5%); Food and Non-Alcoholic Beverages (25.6%), and Housing, Water, Electricity, Gas, and Other Fuels (25.0%) recorded inflation rates above the national average of 23.6% with Transport recording the highest inflation.
National month-on-month inflation from March 2022 to April 2022 was 5.1%.
Whilst Food and Non-Alcoholic Beverages inflation was 26.6%, Non-Food inflation stood at 21.3%.
Source: pulse.com.gh
