Following the high inflation recorded in May this year with food and non-food contributing about 50% of the rise, the Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye, has tongue-lashed the government.
According to him, the high cost of local food can be attributed to the failure of government's
He, therefore, entreated Ghanaians to hold managers of the economy accountable for the astronomical increment in food prices.
Taking to the micro-blogging site - Twitter - to share his view on the high inflation, Dr John Kwakye said, "the exorbitant cost of local food is a sign of failure of agricultural policy. Our economic managers should be held accountable."
The Ghana Statistical Service on June 14, 2023, announced that the year-on-year inflation for May 2023 had shot up to 42.2%.
Government statistician, Professor Samuel Kobina Annim, at a press conference in Kumasi stated that the increase was driven by the food and non-food category.
"Specifically, food and non-alcoholic beverages contributed 52.4% to the overall inflation recorded in May 2023. This was distantly followed by housing, water, and electricity and gas that contributed 13.1% and closely followed by transport contributing 9.2% to the overall inflation that was recorded in the month of May 2023," he said.
The Consumer Price Inflation measures changes in the price of a fixed basket of goods and services purchased by households.
IEA Director of Research, Dr John Kwakye
