ADVERTISEMENT

Inflation hits 33.9% for August

The inflation rate for August has hit a record 33.9%, figures from the Ghana Statistical Service (GSS) has revealed.

Professor Samuel Kobina Annim

According to the GSS, this new rate is a 2.2 percent increase in the July figure of 31.7 percent.

Speaking in Accra, Government Statistician Professor Samuel Annim observed that six items recorded inflations higher than the national average.

“This was led by Housing, Water, Electricity and Gas having the highest rates of inflation of 46.7 percent, followed closely by Transport 45.7 percent and up to Food and Non-Alcoholic Beverages being the sixth item that recorded rate of inflation higher than the national average of 33.9 percent.”

Imported Items recorded a higher rate than local products.

ADVERTISEMENT

According to Prof. Annim, this is the first time in the year that the lowest month-on-month rate of 1.9 percent was recorded.

The Eastern Region recorded the highest regional rate of 41 percent while the Upper East Region recorded the lowest rate of 22.8 percent.

Late last month, the Minister for Information, Kojo Oppong Nkrumah disclosed that the government intends to shore up the country’s local reserves by $2 billion to curb the cedi depreciation.

In an interview with Accra-based Citi FM, the Information Minister opined that 750 million dollars of the amount is expected from Afremix Bank and the remaining $1.3 billion from the cocoa syndicated loan.

ADVERTISEMENT

The Bank of Ghana introduced a number of measures in the short term to deal with it and on the back of that… the $750 million that we were expecting, all the paperwork has been concluded, and it should be hitting our accounts today or tomorrow.

If I were you, and I was holding onto dollars, I would be selling them by now because there is a lot more dollar coming in from the $750 million and also from the Cocoa Syndicated Loan of about $1.3 billion,” the minister said.

Kojo Oppong Nkrumah further stated that government is of the belief that the money coming in will lead to quick stabilisation of the Cedi.

JOIN OUR PULSE COMMUNITY!

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.com.gh

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!
ADVERTISEMENT