The Deputy Finance Minister says government is not surprised about the country’s rising inflation.
Dr John Kumah said the rise is part of the process of rebounding from the effects of the COVID-19 pandemic.
This, he said, is not an exception to only the country, but most countries around the globe are also facing similar challenges.
According to him, the government projected the inflation for the year to be around 10%, but events beyond its control have made it so.
“Yesterday, another announcement came through that the USA is doing 8.5%, the highest in 41 years. I think all these are signals that the economies of the world are actually rebounding out of Covid, and it’s a necessary process to go through from the difficult downturn that we all experienced and so for us, if you look at the projection for the year, we didn’t anticipate to reach thus far.”
“It was plus or minus 8% so we were hoping to hover around 10% or just about that but unfortunately it has gone as high as 23% but we are not surprised because it is part of the rebounding process that almost every economy has to go through to get better.”