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Things keep getting worse under Nana Addo — US economist

19th July 2022

An international economist from John Hopkins University, USA, Professor Steve Hanke, has said the current state of living conditions under the government led by President Nana Addo Dankwa Akufo-Addo is getting worse by the day.

He said the high cost of food and fuel prices have triggered violent protests in the country.

He stated that Ghanaians are facing hard times under Nana Addo’s government.

According to Professor Steve Hanke in a Twitter post, “Ghana must mothball its central bank, put it in museum, and install a currency board.”

His reactions come after the Ghana Statistical Service (GSS) announced the inflation rate for the month of June as 29.8 per cent, up from the 27.6 per cent recorded in May.

The Government Statistician, Professor Samuel Annim, said the Eastern Region recorded the highest rate of inflation among the regional differentials whereas the Upper East recorded the lowest.

“The For the food and non flood inflation perspective, food inflation recorded 30.7 per cent for the month of June 2022 and non-food recording inflation rate of 29.1 per cent,” he added.

The government statistician also revealed that the rate of inflation was once again driven by Transport (41.6%); Household Equipment and Maintenance (39.6%); Housing, Water, Gas and Electricity (38.4%); Personal Care and Miscellaneous (31.7%); Recreation, Sports and Culture (31.3%) and Food and Non-Alcoholic Beverages (30.7%). These items recorded inflation rates higher than the national average.

The GSS data further indicated that non-food inflation also went up by 3.4% to 29.1% in June 2022.

Meanwhile, inflation for locally produced items was 29.2%, and that of imported items was 31.3%.

This is the highest inflation rate recorded since December 2003.

Written by Web Master

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