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    Pay us by borrowing from treasury bill market- Pensioner bondholders reiterate calls to govt

    Ghana’s energy sector needs audit to ascertain debt levels – COPEC

    Sole implementation of cylinder recirculation model threatens our investment – LPG Operators

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Independent Power Producers demand 30% payment of arrears

    We are confident of meeting IMF conditions for fiscal consolidation – Ofori – Atta

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    Ghana’s oil reserve recording steady growth – GNPC CEO

    Fuel pricing: COPEC predicts marginal drop in first window of June 2023

    ACEP pushes for research in Africa’s energy sector

    African leaders urged to employ energy policies that will transform Africa

    COVID -19 levy must be abolished – Importers & Exporters insist

    Halt implementation of utility tariffs increment- FABAG tells govt

    Govt maintains COVID-19 levy despite calls for removal

    Strengthen Financial Stability Fund to support struggling banks – Dr. Atuahene

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    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

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    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

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    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

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BoG must be innovative in dealing with rise in PPI – AGI

byEllen Dapaah
May 23, 2022
in News, Top Stories
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The Association of Ghana Industries (AGI) is calling on the government through the Bank of Ghana to be more innovative in its approach to dealing with the continuous surge in producer price inflation.

Currently, the cost incurred by producers of goods and services in the country stands at 31.2 percent.

According to the President of the AGI, consumers will have no choice than to bear the brunt of this surge and is hence calling on the Central Bank to come up with pragmatic steps to deal with the situation.

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“It’s very indicative considering the current inflation rates, considering that this position might trend for a while. The government through the Bank of Ghana must bring in interventions to correct the supply anomaly in the market. Previously, the BoG through the MPR mostly deploys some tools using the bigger objective of the inflation target model to slow down and bring stability in price. And we seek interventions from the BoG to be more innovative in the approach to tackle this situation.”

“We believe other forms of policy; doing direct targeting of the sectors that are driving inflation, will suffice to reduce this trend into the future.”

Since the start of the year, Ghana has been experiencing inflationary challenges, such as rise in food commodities, fuel and transport fares, exchange rate and depreciation of the Cedi.

These have led to high cost of living and worsened the plight of individuals (especially workers who have seen no increase in salaries), as well as industry and traders, who have been seeing increment in their production and import cost.

Recent data from the Ghana Statistical Service has disclosed that producer price inflation, the average price of goods and services received by domestic producers for their production activities, for the month of April has risen by 1.1 percent to record 31.2 percent.

In the month of April alone, two out of the sixteen major groups in the manufacturing sub-sector which constitutes more than two-thirds of the total industry, recorded inflation rates higher than the sector average of 38.6 percent and the total inflation for the month.

The manufacture of coke, refined petroleum products and nuclear fuel, and food products and beverages alone recorded inflation rates of 76.1 percent and 43.1 percent respectively.

This comes at a time when Ghanaians are lamenting the high rate of consumer inflation and the high cost of living in the country.

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