According to Dr John Kwakye, Director of Research at the Institute of Economic Affairs (IEA), one of the issues affecting the Cedi’s performance against the Dollar is a lack of confidence in Ghana’s market.
He has proposed to the government that it take very drastic confidence-building measures, such as severe cuts in spending, layoffs, and changes to the economic management team, to stop the fall.
Dr. John Kwakye, in a tweet, urged economic managers to sit down and devise a strategy to address the astronomically rising prices and implement some relief measures before the situation worsens.
“We can’t keep waiting on Washington!” he exclaimed.
Regarding the 40.4 per cent inflation rate as announced by the Ghana Statistical Service (GSS) on Wednesday November 9, he said the 40.4% year-on-year inflation for October is no where near the real inflation Ghanaians are experiencing.
“Many prices have indeed more than doubled in the last few months. But is there now way out? Is there no relief for us?”
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The 40.4% year-on-year inflation for October is no where near the real inflation we are experiencing. Many prices have indeed more than doubled in the last few months. But is there now way out? Is there no relief for us?
— J. K. Kwakye (@JohnKwabenaKwa1) November 9, 2022
The Government Statistician Professor Samuel Anim has announced that inflation rate for October was 40.4 per cent.
He said at a press conference in Accra on Wednesday November 8 that the rate was at the back of increase in food prices.
Food inflation recorded the highest rate among all the components as against non food inflation according to the Ghana Statistical Service.
The increase by food inflation indicates a jump of more than 3 percent from the previous rate of 37.2.
