Ghana's high inflation not good for livelihood of the economy - Prof Quartey

Director of the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey, has said the soaring inflation recorded in the previous months do not augur well with the livelihood of the local economy.

His comment comes on the back of the 43 per cent inflation recorded in July this year.

Speaking on the Business Focus on TV3, the ISSER Director said inasmuch as measures have been put in place by government to stem the high inflation, a lot more needs to be done to record significant progress.

Professor Peter Quartey said, “I wouldn’t say we have not seen an improvement in the rate of inflation. I think in your introduction you said we went as far as 64 percent plus in November 2022. Gradually, it has tapered downwards, we are now around 43.1 percent."

“That is still very high, I agree, you cannot live with inflation of about 43 percent, it doesn’t augur well for the livelihood of any economy. But just to make the point that yes, we are achieving some results but it is not very significant,” he stated on the show.

The year-on-year inflation for July 2023 increased to 43.1 per cent compared to the 42.5 per cent recorded in June 2023.

This was disclosed by Government Statistician, Professor Samuel Kobina Annim.

He highlighted that the Consumer Price Index (CPI) for July 2023 was 191.0 as against 133.5 recorded in July 2022.

Professor Annim, in his announcement of the Consumer Price Index (CPI) data for July 2023 emphasized the urgency of adopting a multi-faceted approach to tackle the inflationary pressures.

He stressed the need to combine monetary measures with interventions in the real sector as a comprehensive strategy to curb inflation and stabilize prices.

SA/NOQ

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