Finance Minister, Ken Ofori-Atta, has noted that the current economic challenges are not only peculiar to Ghana as other African economies are also suffering from high rise of food prices, fuel, financial constraints, among others.
According to him, global inflation has also witnessed a sharp increase of about 60%.
Speaking at a press conference in Accra on Thursday, May 12, Ken Ofori-Atta said, “Today, 41 African economies are severely exposed to, at least, one of three concurrent crisis, rising food prices, rising energy prices, tightening financial conditions. Finance Ministers now call it the dreaded three Fs; Food, fuel and financial conditions.”
“That is just a ripple through in all Africa, and food prices easily about 34 per cent higher, crude oil prices some 60 per cent higher and global inflation has risen, we saw our numbers yesterday moved to 23.6 per cent, a good chunk of it being imported inflation,” Ken Ofori-Atta added.
The Ghana Statistical Service (GSS) on Wednesday, May 11 announced that the national year-on-year inflation rate was 23.6% in April 2022.
This is a 4.2 percentage points higher than the 19.4% recorded in March 2022.
This, according to report is the highest in more than 18 years.
The Ghana Statistical Service noted that the main drivers of inflation were transportation, food, electricity, among others.