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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

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    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

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PPI declines for first time in 4 months to 9.3% in July

byBobbie Osei
August 20, 2020
in Business, Local Economy, Markets, Top Stories
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The Producer Price Index has for the first time since the novel Coronavirus was reported in Ghana in March reduced marginally.

The index which measures the average change over time in the prices received by domestic producers for the production of their goods and services decreased from the 9.5% recorded in June to 9.3% in July.

According to the Ghana Statistical Service, the decrease in all Industry Inflation Rate was as a result of a decrease in the inflation rate in the Utility sub-sector.

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Head of Industry Statistics at the Ghana Statistical Service, Mr. Anthony Kraka, shedding light on the various sector changes that led to the drop in the PPI said:  “Inflation for domestic producers begun the year 2020 at 14.5 percent, dropping to 10.5 percent in February and dropping further to 6.8 percent in March. The PPI began a study climb in April 2020, recording a rate of 7.4 percent and increasing consistently to 9.5 in June, before reducing marginally in July to 9.3 percent.”

The Ghana Statistical Service revised its provisional PPI figure for June from 8.7 percent to 9.5 percent, leading to the marginal decline of 0.2 percentage points recorded for the month of July.

A further look at the data, showed that the producer price inflation in the Mining and Quarrying sub-sector increased by 3.0 percentage points over the June 2020 rate of 35.2 percent to record 38.2 percent in July 2020.

The producer inflation for Manufacturing which constitutes more than two-thirds of the total industry increased by 0.6 percentage points to record 4.4 percent.

The utility sub-sector recorded an inflation rate of 5.8 percent for July 2020 indicating a decreased of 6.2 percentage point over the June 2020 rate of 12.0 percent.

 

 

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