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Economy

Single-digit inflation under threat

Despite government’s optimism that inflation would soon be registering single digits, available information suggests this may be a difficult task to achieve. Inflation reduced again for the tenth month in a row for April, dropping to 11.66 percent from the previous month’s figure of 13.3 percent. This is the lowest in more than two years. The Ghana Statistical Service believes inflation has continued to decline for the past ten months because of an abundance of food produce on the market following-on from last year’s bumper harvest and the relative stability of the Ghana cedi. The Director of Economics and Industrial Statistics at the service, Ebo Duncan however has a less optimistic outlook for the coming months. He tells Joy Business, implementation of the single spine salary structure poses a real threat. Single spine salaried workers would also be expecting back pay accumulated for the six months from January this year, which is the effective date for implementation of the new salary structure. This would pose an additional challenge in controlling inflation. Government however believes it is on track to achieving single digit inflation. Source: Joy Business/Myjoyonline.com/Ghana

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.