EconomyMatters Arising

The struggle is real – Gabby Otchere-Darko on Ghana’s economy

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Private legal practitioner and member of the ruling New Patriotic Party (NPP), Gabby Otchere-Darko, has acknowledged the harshness of the Ghanaian economy and its effect on the people.

According to him, ‘the struggle is real’.

In a Facebook post on Friday, the NPP member bemoaned the increasing rate of inflation and the difficulty it is posing for Ghanaians.

“If this inflation does not stop galloping, soon it will be racing alone on its own because incomes are struggling to even see the back of inflation’s distant shadow, never mind the many unemployed with no income. The struggle is real …”, he wrote.

Gabby’s remarks come at a time when the country is experiencing fiscal difficulties and a host of other economic challenges.

Currently, the country’s inflation rate for September has hit 37.2%; the highest in the last decade. This is against the 33.9% recorded in August 2022.

According to the Ghana Statistical Service, five groups recorded inflation rates higher than the national average in September.

They were Housing, Water, Electricity, Gas and Other fuels (68.8%); Furnishings, Household Equipment and Routine Household Maintenance (51.1%); Transport (48.6%); Personal Care, Social Protection and Miscellaneous Goods and Services (42.6%) as well as Food and Non-Alcoholic Beverages (37.8%).

The implementation of the utility tariff in September 2022 also influenced the surge in inflation in Housing, Water, Electricity and other Fuels group.

This situation has therefore compelled citizens to revive their calls for government to address the situation.

Meanwhile, Finance Minister, Ken Ofori-Atta is in talks with the International Monetary Fund to agree on mutual terms in a proposed IMF bailout request by Ghana.

See also  World Bank explains why cedi keeps falling and US dollar keeps winning

According to government, it is hopeful of a favourable agreement with the IMF, that will help put the country’s economy on a sound footing.

 

Source: Myjoyonline.com
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