President Nana Akufo-Addo of Ghana has disclosed that the country’s inflation increased by five-fold since 2019.
The President said this while commenting on the state of the country’s economy recently.
He stated that not just Ghana, but the whole world has been affected by the pace at which inflation has impacted on the income of citizens.
He said that comparatively, Ghana is in a much better position than countries like Togo that experience “sixteen-fold” inflation within the same period. He stated that inflation in Senegal increased by “eleven-fold” while that of Cote d’Ivoire rose by “seven-fold”.
Akudo-Addo said, “Economies, big and small, have experienced, over this year alone, the highest rise in cost of living over a generation; the highest rise in government borrowing in over fifty years; the highest rise in inflation for fourty years; the steepest depreciation in their currencies to the US dollar over the last thirty years; the fastest peak in interest rates for over twenty years; and the greatest threat of unemployment in peace time; with over a hundred million people being pushed into extreme poverty,” Akufo-Addo said.
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“Between the end of 2019 and now, inflation in Ghana has increased by five-fold, in Togo by sixteen-fold, by eleven-fold in Senegal, and by seven-fold in Cote d’Ivoire.
“In truth, however, the fact that there are petrol queues in France does not make it more tolerable that the trotro price from Kasoa to Circle has doubled in the past one year, nor does it make it any more tolerable that the price of cooking oil goes up every other week.”
In September 2022, Ghana’s inflation hit a record high of 37.2 percent.
Source: Cable
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