Vice President, Dr. Mahamudu Bawumia has said government and the Bank of Ghana are collaborating to address the persistent depreciation of the cedi and rising inflation figures in the country.
According to him, the Central Bank has begun facilitating some measures aimed at addressing the ongoing economic challenges which have resulted in a high cost
Speaking in an interview with Kenya-based television station, KTN News, the Vice President pointed to the recent hike in interest rates as one of the measures to stem inflation
“In Ghana, we are dealing with the issues in the context of a very squeezed or tight budget. On the Monetary Policy side, the Central Bank is trying to control inflation. There have been a number of interest rate increases to deal with the situation,” Dr. Bawumia said.
Meanwhile, the Ghana Statistical Service has announced that the latest inflation figures for the country reached 33.9 percent in August – making it the highest recorded in 21 years.
According to Government Statistician, Prof. Kobina Annim, said the main drivers for the inflation surge were due to high prices of transport, housing, water, electricity, gas and other fuels.
The development has since sparked fears that inflationary pressures will take a longer period to be addressed.
Ghana in July this year decided to turn to the International Monetary Fund for an economic support programme which is expected to be accessed in 2023 once an agreement is reached.
Vice President, Dr. Mahamudu Bawumia
