Transport fee, sachet water price to increase
Issues surrounding the re-arrest of illegal small-scale mining ('galamsey'), Aisha Huang, have dominated the media space and the minds of Ghanaians over the past few days.
Many Ghanaians are particularly bemoaning the inconsistencies in statements made by government officials, including President Nana Addo Dankwa Akufo-Addo and the information minister, Kojo Oppong-Nkrumah, on the alleged deportation of
Read full articleAisha Huang in 2018.
Also, the ex-gratia payment of ex-President John Dramani Mahama has made headlines after he claimed he was not receiving all his ex-gratia benefits while reacting to allegations that he received a GH¢14 million ex-gratia by some factions in the New Patriotic Party including its Bono Regional Chairman, Kwame Baffoe, a.k.a Abronya DC.
Though might be unplanned, these issues are serving as a distraction from the economic hardship in the country, which is getting worse by the minute.
Here is some news about the worsening economic situation in the country that you might have missed.
Transport fares to go up by 30% from September 21
Public transportation fees are set to increase again after a 20 percent increment just about two months ago.
A group calling itself the Transport Operators Association of Ghana has announced a 30% increment in transport fares from September 21, 2022. According to the Union, the increment has become necessary due to the hike in fuel prices.
“In consultation with our mother body the GPRTU OF TUC, we wish to announce to the general public that there will be a 30% increment on fares starting Tuesday 21st September 2022,” a statement by the Union on September 14, 2022, stated.
GPRTU further cited the poor management of the economy as part of the hardships in the country.
“Due to the increment in fuel products, spare parts, and the poor management of the economy of the government, we are unable to make enough money to cater for our family and pay off our loans.
“Electricity tariffs, water tariffs, Prices of spare parts, prices of food and Pure water prices have all increased, hence we have no option than to also increase our fares,” the statement added.
Pure water, bottled water to sell at 50 pesewas, GH¢3 respectively:
It can be recalled that the price of sachet water (pure water) and bottled water was increased just this April, 2022, with pure water selling at GH¢0.30p per sachet and 500ml and 750ml sized bottled water selling at GH¢2 and GH¢2.50 respectively.
Well, prices of sachet water and bottled water are set to increase again from September 19, 2022, with sachet water and bottled water selling at 50 pesewas and GH¢3 respectively.
The price increment has been attributed to the “rising cost of inputs such as fuel and packaging materials, which are mainly imported, and increases in electricity and water from September 1, 2022."
National Association of Sachet and Packaged Water Producers (NASPAWAP) on September 14, 2022, stated that the suggested adjustment is to help producers cover their production costs.
“At our previous review in March 2022, the dollar was in the region of GH¢8.5. Currently, it is inching up to GH¢10. Fuel prices have significantly gone up since our last review. It was GH¢9 and now it is GH¢14.5, which is a 61 % change since. March 23, 2022,” the Association noted.
Cedi depreciating again, selling at a rate of $1 to GH¢10.47 at forex bureaus
The Ghana Cedi (GH¢) after stabilising against the US Dollar ($) due to the arrival of the $750 billion loan facility from Afreximbank, has begun depreciating again. Before the arrival of the loan, $1 was selling well over GH¢ 10 at forex bureaus. The price of a dollar fell below GH¢ 10 for some days after the loan arrived and has now increased to more than GH¢ 10 again.
On the Interbank forex rates from the Bank of Ghana today, September 16, 2022, the Ghana Cedi is trading against the dollar at a buying price of 8.2756 and a selling price of 8.2838.
As compared to yesterday’s trading of a buying price of 8.2656 and a selling price of 8.2738. At a forex bureau in Accra, the dollar is being bought at a rate of 10.27 and sold at a rate of 10.74.
Against the Pound Sterling, the Cedi is trading at a buying price of 9.5086 and a selling price of 9.5190 as compared to yesterday's trading of a buying price of 9.5566 and a selling price of 9.5670.
At a forex bureau in Accra, the pound sterling is being bought at a rate of 11.75 and sold at a rate of 12.02.
Inflation for August hit 33.9%, highest in 21 years
The price of items continues to increase in the country with Ghana’s Consumer Price Inflation for August 2022 hitting a 21-year record high of 33.9%, according to the Ghana Statistical Service.
This means that prices of goods and services went up by 2.2 percentage points between July and August 2022. July’s inflation stood at 31.7%.
Food inflation continues to be a major challenge despite the insistence of the government that there is no food stage in the country. For August 2022, Food inflation was 34.4 percent compared to 32.3 percent recorded in July 2022.
The Eastern region recorded the highest inflation rate of 41%, while the Upper East region recorded the lowest rate of 22.8%.
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