Ghana’s inflation woes can be attributed to a few key culprits: food items, fuel, and transportation fares. According to Simon Tichutab Onilimor, a Data Scientist at the Ghana Statistical Service (GSS), a staggering 13 out of the top 15 inflation-driving items were food-related ¹.
Speaking at a stakeholder engagement in Accra, Mr. Onilimor emphasized the need to address the gaps between farm gate prices and market costs to manage inflation. He called for collaboration to stabilize prices and promote economic growth.
One striking example of the inflationary trend is the price of smoked herring, which has soared by a whopping 400 percent in just six years. Mr. Onilimor also urged the government to improve its buffer stock regime to address price hikes occasioned by seasonality.
The GSS’s findings highlight the need for a multi-faceted approach to tackling inflation in Ghana. By addressing the root causes of price increases and improving the overall economic landscape, Ghana can work towards a more stable and prosperous future.
Ruth Abla ADJORLOLO