Government unhappy about soaring inflation, we're targeting 8% - John Kumah

Ghana’s inflation for May hits 27.6%, GSS

Increase in transport fares, fuel prices cause of high inflation, John Kumah

Food inflation rises to 30.1 percent

Deputy Finance Minister, John Kumah, has said government is not happy with the upsurge in the country's inflation.

His comment comes after the Ghana Statistical Service on Wednesday, June 9 announced that inflation for May hit 27.6 percent.

This represents a four percentage point increase compared to the 23.6 percent recorded in April 2022.

Reacting to this on Citi FM's Eyewitness News, the deputy finance minister said government is targeting single-digit inflation - 8 percent.

John Kumah noted that government is putting measures in place to tackle the soaring inflation in the country.

He however noted that the high inflation currently is due to the increment in transport fares and fuel prices at various pumps.

He said, “Where we are is way overboard, and we are not happy with it...But we strongly believe that we will quickly come back within the target of 8 percent."

“In fact, the mid-year budget is coming. We are going to take several initiatives to address some of these important inflation concerns in our country...The reason why the costs have gone up is the price of transport, and there have been consistent increments in fuel prices at the pump,” the deputy finance minister stated.

Food inflation rose again to 30.1 percent compared to 26.6 percent recorded in April this year.

Non-food inflation stood at 25.7 percent in May, compared to 21.3 percent recorded in the previous month.