A decent piece of April expansion imported - Finance Minister

Thursday 26th of May 2022

A decent piece of April expansion imported - Finance Minister

Finance Minister, Ken Ofori-Atta
The Finance Minister, Ken Ofori-Atta has credited the nation's rising expansion to factors unchangeable as far as government might be concerned.
He said practically all African nations are confronting comparable circumstances.
He accordingly added that worldwide expansion has risen and that Ghana's case isn't an exemption.
He offered these remarks on Thursday at a question and answer session coordinated by the Information Ministry.
As indicated by him, 41 African nations are presently presented to a similar emergency Ghana faces. These emergencies he referenced are "rising food costs, rising energy costs, fixing monetary circumstances".
Conditions, he said Finance Ministers on the mainland consider them the "feared three Fs".
"Today, 41 African economies are seriously presented to, at any rate, one of three simultaneous emergencies, rising food costs, rising energy costs, fixing monetary circumstances Finance Ministers currently call it the feared three Fs; food, fuel, and monetary circumstances."

April 2022 food inflation (26.6%) is higher than both March 2022 food inflation (22.4%) and the average of the previous 12 months (13.5%). Food inflation’s contribution to total inflation, however, decreased from 51.4% in March 2022 to 50.0% in April 2022.

All the 15 food subclasses recorded positive month-on-month inflation, with Fruit and Vegetable Juices recording the highest (15.3%).

For Non-Food inflation, year-on-year inflation, on average, went up again in April 2022 compared to March 2022 (from 17.0% to 21.3%). Only one out of the 12 Non-food Divisions had the 12 months rolling average to be higher than the year-on-year inflation for April 2022.

Furthermore, the inflation for imported goods was 24.7% higher than the 17.3% recorded for March 2022, while the inflation for locally produced items was 23.0%, up from the 20.0% recorded in March 2022. This is the first time in 29 months that inflation for imported items exceeded domestic inflation.

Government Statistician, Professor Samuel Kobina Anim, called on policymakers to address the rising prices of goods and services in the country.

Upper East records the lowest inflation rate of 18.4%.

Meanwhile, the Upper East region recorded the lowest inflation rate of 18.4%. However, the Central region registered the highest inflation rate of 26.7%.

Greater Accra recorded an inflation rate of 25.1%, whereas the Ashanti region recorded an inflation rate of 21.7%.

For the region with the lowest food inflation, the Upper East topped with 18.1%, whilst the Upper West recorded the highest inflation rate of 38.5%.

 

"That is only an echo through in all Africa, and food costs effectively around 34% higher, unrefined petroleum costs somewhere in the range of 60% higher, and worldwide expansion has risen; we saw our numbers yesterday moved to 23.6 percent, a decent piece of it being imported expansion."
The Ghana Statistical Service (GSS) declared on Wednesday, May 11, that the public year-on-year expansion rate was 23.6% in April 2022, which is 4.2 rate focuses higher than the 19.4% kept in March 2022.
This is the most elevated since January 2004.
As per the GSS, four divisions - Transport (33.5%); Household Equipment and Routine Maintenance (28.5%); Food and Non-Alcoholic Beverages (25.6%), and Housing, Water, Electricity, Gas, and Other Fuels (25.0%) recorded expansion rates over the public normal of 23.6% with Transport recording the most elevated expansion.
Public month-on-month expansion from March 2022 to April 2022 was 5.1%.
While Food and Non-Alcoholic Beverages expansion was 26.6%, Non-Food expansion remained at 21.3%.


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