The Statistical Service has revealed that the rate of inflation shot up from 29.1 percent in February to 29.9 percent in March. Figures published in the April newsletter of the Service confirmed the worst fear of economists that the national economy is not doing so well and that the government’s inflation target of 9 per cent by the end of the year cannot be met.
The March figures confirmed a general trend which had been disputed by both government and the IMF. An IMF Executive Board meeting on April 4, this year, had to be postponed in the hope that the inflation figures for March might disapprove trends identified by the Statistical Service in February.
Unfortunately for Ghana, the March inflation figures have confirmed the trend and fuelled fears that it may drastically affect the country’s programme with the inflationary IMF.
Government is seriously considering measures to pull the economy out of the woods and maintain some control over the rising rate of inflation.
