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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

  • Business
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    • Banking And Finance
    • Manufacturing
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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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Lower production cost to result in single digit inflation

bycitibusinessnews
May 28, 2017
in Banking And Finance, Government, Local Economy, Top Stories
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The Bank of Ghana (BoG)’s medium term inflation target could be attained should government tackle challenges facing the supply of critical services in the country.

This is the position of Economist, Adu Owusu Sarkodie.

“If the supply side of inflation is addressed together with the demand side which mainly borders on money supply, then I am sure the single digit inflation would be achieved hopefully by the end of the year,” he told Citi Business News.

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According to the central bank, signs of a further drop in inflation to single digits by mid 2018 were among the factors that influenced the drop in its lending rate to 22.5 percent.

Governor of the Bank of Ghana, Dr. Ernest Addison explained that, “The results of the latest survey conducted by the Bank point to continued declines in inflation expectations by businesses and the financial sector.”

“The forecast horizon for inflation remains unchanged and inflation is expected to trend downwards towards the medium-term target of 8±2 percent in 2018.”

This projection however comes on the back of a pickup in inflation to 13% in April 2017 from 12.8 percent in March 2017.

The rise has been attributed to the increase in transport fares by 15 percent early this year.

This is however against a drop in Producer Price Inflation which recorded 4.8 percent, down from the 6 percent recorded in March this year.

Mr. Adu Owusu Sarkodie believes the trend could be sustained if persistent production constraints are addressed.

“For some time now the utility prices have not been increased likewise have petroleum prices not seen any changes. So it is just the pockets of power outages that perhaps may affect production challenges facing businesses,”

“We will also need to address the post harvest losses which cause food inflation in the country,” he added.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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