The Finance Minister, Ken Ofori-Atta has attributed the country’s rising inflation to factors beyond government’s control.
He said almost all African countries are facing similar situations.
He thus added that global inflation has risen and that Ghana’s case is not an exception.
He made these comments on Thursday at a press conference organised by the Information Ministry.
According to him, 41 African countries are currently exposed to the same crisis Ghana faces. These crises he mentioned are “rising food prices, rising energy prices, tightening financial conditions”.
Conditions, he said Finance Ministers on the continent call them the “dreaded three Fs”.
“Today, 41 African economies are severely exposed to, at least, one of three concurrent crises, rising food prices, rising energy prices, tightening financial conditions Finance Ministers now call it the dreaded three Fs; food, fuel, and financial conditions.”
“That is just a ripple through in all Africa, and food prices easily about 34 per cent higher, crude oil prices some 60 per cent higher, and global inflation has risen; we saw our numbers yesterday moved to 23.6 per cent, a good chunk of it being imported inflation.”
The Ghana Statistical Service (GSS) announced on Wednesday, May 11, that the national year-on-year inflation rate was 23.6% in April 2022, which is 4.2 percentage points higher than the 19.4% recorded in March 2022.
This is the highest since January 2004.
According to 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 inflation rates above the national average of 23.6% with Transport recording the highest inflation.
National month-on-month inflation from March 2022 to April 2022 was 5.1%.