Tag: Inflation Rate
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IEA suggests hybrid approach in tackling rising inflation rate
The Institute of Economic Affairs (IEA) is asking the government to take overall responsibility in checking the rise in the country’s inflation rate, as it suggests the use of a hybrid approach to deal with the situation over the long term. This approach, according to the Institute, is a combination of the inflation targeting approach,…
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Ghana’s inflation rate soars again; hits 29.8% in June 2022
Ghana’s inflation rate soared again to hit 29.8 percent in the month of June, a 2.2 percentage point increase compared to the 27.6 percent recorded in May. This comes as many stakeholders continue to mount pressure on the government and the Bank of Ghana to quickly institute measures to check the continuous rise in the…
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US Fed meets inflation surge with 75bp hike
The US Federal Reserve voted 10–1 to increase the policy rate by 75 basis points today (June 15), executing its largest rate hike in 28 years as inflation unexpectedly surged. The consumer price index rose by 8.6% over the year ending in May, the highest increase since 1981 and a reversal of April’s short-lived decline…
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Inflation continues upward surge; hits 27.6%
Ghana’s inflation has soared again to hit 27.6 percent in the month of May 2022. This represents a four percentage points increase in the inflation rate compared to the 23.6 percent recorded in April 2022. On a monthly basis, inflation however dropped by one percent to record 4.1 percent in May 2022. This was captured…
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Ghana needs more entrepreneurs to check imported inflation – Finance Minister
Finance Minister, Ken Ofori-Atta, has explained that the only way by which imported inflation in Ghana can be minimized is if the country is able to raise more entrepreneurs to produce locally. According to him, it is for this reason that the government is investing heavily in projects that can build an entrepreneurial society in…
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Stakeholders call on policy makers to address upsurge in prices of goods
Following the recent announcement on the rise in the inflation rate in the country, industry players have intensified calls for an intervention to check the rising prices of goods and services in the country. Ghana’s economy has in recent times experienced a downturn. Stakeholders have cited the depreciating cedi, spike in fuel prices, inflation rates…
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New MPR might aid in attracting investment for Ghana – Economist
Economist with Databank, Courage Boti, believes the revision in the monetary policy rate has the potential of attracting foreign investment into Ghana. This comes on the back of the recent increase in the policy rate by 250 basis points to 17 percent. According to him, this new development might mean more attractive interest rates for…
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Economist predicts higher inflation rates in coming months
Data from the Ghana Statistical Service shows that national inflation has risen for the 7th consecutive time hitting 12.6% in December 2021. With this being the highest figure recorded in more than two years, it highlights the problem the government and the central bank are faced with in trying to balance efforts to curb price…
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Ghana’s inflation rate accelerates to 12.6% in December 2021
Data from the Ghana Statistical Service shows that the year 2021 ended with a national inflation rate of 12.6%. Compared to the 12.2% recorded in November 2021. This new figure represents a 0.4% rise in the inflation rate. Month-on-month inflation between November and December 2021 was 1.2% This is the 7th consecutive time the inflation…
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Economist backs World Bank’s 9.8% end-of-year inflation rate projection for Ghana
The World Bank has projected that Ghana would end this year with an inflation rate of 9.8 percent. This forecast in the Africa Pulse Report by the World Bank falls within the Bank of Ghana’s target of 8 +/-2%. “In Ghana, weak domestic currency combined with a rise in food prices pushed headline inflation from…