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    BoG to hold emergency MPC meeting on Wednesday

    BoG, EOCO deepen collaboration to build robust financial sector

    Recent downgrades by S&P, Fitch ratings on Ghana unfair – African Peer Review Mechanism

    Private sector critical to renewable energy target – Sector Ministry

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    BoG, EOCO deepen collaboration to build robust financial sector

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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Coronation Insurance launches marine insurance e-portal for importers

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

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    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

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    Africa’s internet economy to cross $180 billion by 2025: Report

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

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

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Economist calls for a review of the PFJ to help curb inflation

byBobbie Osei
June 14, 2022
in Agribusiness, Economy, News, Top Stories
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As the rise in food prices coupled with a rise in transport-related prices continues to push national inflation up, calls are being made for a relook at some key government policies.

According to some stakeholders, the high inflation rate of some local food items cannot be accepted when we have agriculture-focused programs like planting for food and jobs.

While the contribution of food and non-alcoholic beverages to national inflation saw a reduction by 1.6 percentage points, it still stood at 48.4 %, indicating that the hike in food-related prices contributed about half of the overall inflation rate recorded in the country in May which rose to 27.6%.

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Some of the items are imported, but a lot like maize, watermelon and wheat flour are local items and have seen their prices rise by over 50 % or more in the past 12 months.

Speaking on Citi TV’s Point of View, Economist and Senior Lecturer at the Economics Department of the University of Ghana, Dr. Adu Owusu Sarkodie, noted that, the development is unacceptable in an era where a program like planting for food and jobs has been running for 5 years.

“Some of the agricultural items with high inflation rates can be produced in Ghana. And that is why often time questions are asked about government’s Planting for Food and Jobs (PFJ) policy. If you have done a PFJ policy which has run for 5 years, and simple produce like maize, avocado, watermelon and the likes are the ones driving inflation then that program must be relooked at.”

Dr. Adu Owusu Sarkodie meanwhile maintained that the current inflation hikes cannot be solved by monetary policy actions alone.

“The fight against inflation is not working because it is a supply-side issue and the BoG is doing its part. The onus lies on the fiscal side and the real actors like the Ministry of Finance which needs to be fiscally disciplined. The Agriculture Ministry and the Trade Ministry all need to answer questions.”

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