- November 14, 2022
- Posted by: Amos Ekow Coffie
- Categories: Banking and Finance, Economics
The Ghana Statistical Service has cautioned that the continuous depreciation of the local currency could continue to adversely impact the country’s inflation.
Recent Data released by Service shows that the continuous hikes in prices of food, transport, water, and other fuels pushed Ghana’s inflation rate to hit 40.4 percent for the month of October.
Addressing the media after releasing the October Inflation rate, Government Statistician, Prof. Samuel Kobina Annim however noted that the policy decisions from the appropriate authorities within the next few months will determine whether there will be a change or not.
“In terms of how the exchange rate is impacting on this [inflation], one has to look at two things, the pass through effects and how many items experience the effects as well as the timing of the effects.
So it is possible that the impact of the exchange rate will linger on for a number of months. But the determination of the months will depend on the kind of policy these are going to be introduced in the next two to three months”, he said.
Whether we peak or not will depend on what is happening and the items that are going to be affected and the price increases,” he added.
He also called for more collaboration between the various government agencies in the country to find a lasting solution to the country’s rising inflation rate.