The International Monetary Fund has attributed more internal factors to Ghana’s high inflation rate.
This refutes the claim that the country’s inflation results from outside forces like the Russian/Ukrainian situation, which has driven up the cost of some items, especially wheat and grains.
International Monetary Fund (IMF) has stated that Ghana’s inflation is more locally driven than external.
Ghana’s inflation increased 3.3% in September 2022 to reach 37.2%.
Abebe Selassie, the African Director at the Fund, stated in a news conference at the recent IMF/World Bank Spring Meetings that their analysis shows that inflation is driven more by endogenous forces than external variables.
“On inflation, I mean, again, there are always trade-offs when you’re doing, policy calibration, and so in our regional economic outlook, we are very careful to flag that there are some countries where inflation has clearly been driven more by domestic factors than exogenous factors. I think Ghana would fall in that camp.”
“But there are also quite a lot of other countries where the inflation we are seeing is more imported inflation, so the scope and the space and the ability of monetary policy to address that is limited. So again, it depends on country-specific circumstances, and on time”.
In other news, the majority of the owners are selling the dollar for more than 12 at major forex bureaus and retail markets. They believe that there are now much less bucks available.
Today, the Ghanaian currency, Cedis, has crossed the GHC12.00 mark to a dollar.
Within a week, the Ghana cedi broke beyond the 12-mark, trading at GHC12.10 at the majority of forex bureaux or the retail market.
The majority of the owners are selling the dollar for more than GHC12. They believe that there are now much less bucks available.
The cedi is once again losing strength slowly against the pound and euro. One euro is currently selling for GHC11.10 while a pound currently costs around GHC12.70.
Ghana’s inflation is more locally driven
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