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    Ghana’s total exports decline by 9%

    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Excise tax amendment shows positive signs; rakes in GHS 140m 

    Ghana records over $200m trade surplus in two months

    Public debt hits GHS 575.5 billion; now 71.9% of GDP

    GEPA poised to achieve over $4bn target for non-traditional exports

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    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Influx of Chinese tanker trucks will kill local businesses – Kwame Jantuah

    GRA fights off claims of harassing traders; calls for cooperation

    Hanno Barkhoff joins Kempinski Hotel Gold Coast City Accra as General Manager

    WTO Director-General calls for ratification of Fisheries Subsidies Agreement

    B5 Plus is an iconic testament of success of 1D1F initiative – K.T. Hammond

    BoG advised me to streamline Menzgold operations – NAM 1

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    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

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    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

    ECO currency challenges: Technical committee attributes delays to external shocks, others

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

byNerteley Nettey
June 27, 2022
in Local Economy, Top Stories
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As part of efforts to address the various macro-economic challenges facing the Ghanaian economy in recent times, Director of the Institute of Statistical, Social and Economic Research, at the University of Ghana, Prof. Peter Quartey is calling for targeted fiscal policy and subsidy interventions.

This comes on the back of the continuous fuel price hikes and the rampant surge in inflation which have arisen due to the lingering COVID-19 pandemic and the Russia-Ukraine war.

As at May 2021 Ghana was enjoying the lowest rate of inflation it had recorded in years.

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At 7.5%, the rate had fallen within the medium-term target band of the Bank of Ghana, which has stayed at between 6% and 10% for some time. Fast-forward to May 2022 and the story couldn’t be any different. National Inflation as of May this year had hit an 18-year high of 27.6%.

Speaking on the issue of rising fuel prices at Citi TV and ISSER’s Cedi Summit in Accra on Monday, Prof. Peter Quartey noted that though he supports the introduction of fuel subsidies to curb the impact of the increases on Ghanaians, government must be targeted in its strategy.

“This issue about subsidizing fuel, I don’t believe is a wholesale subsidy because you cannot subsidize both the rich and the poor at the same rate. If you need to subsidize them, then it needs to be targeted. You subsidize somebody who drives a small vehicle and subsidize another who drives an SUV…… That cannot be….same with electricity. You subsidize electricity for homes with more than four air conditioners. I think we need to target our subsidies very well. Perhaps there are more areas we need to channel our resources to. I don’t support blanket subsidies. We need to subsidize but not wholesale – blanket subsidy,” he said.

He also urged government to put in measures, to boost domestic food production to bring the cost of food down in order to check the rising inflation rate in the country.

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.

The Cedi Summit was organised by Citi TV in partnership with the Institute of Statistical, Social and Economic Research (ISSER) and ABSA Bank Ghana as part of this 2022 Citi Business Festival.

Keynote speakers at the summit were the Director of the Institute for Statistical, Social and Economic Research (ISSER) at the University of Ghana; Prof. Peter Quartey, the Head of FICC Research and Chief Economist at ABSA; Jeff Gable and David Ofosu-Dorte; a Senior Partner at AB & David.

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