<\/p>\n
John Kumah, a Deputy Finance Minister, says the government still has its sights set on stabilising inflation around its 8 percent target.<\/p>\n
This is despite inflation continuing to rise, reaching 27.6 percent in May, amid a cost-of-living crisis.<\/p>\n
Speaking on Eyewitness News<\/strong>, Mr. Kumah said, \u201cwhere we are is way overboard, and we are not happy with it.\u201d<\/p>\n \u201cBut we strongly believe that we will quickly come back within the target of 8 percent,\u201d he added.<\/p>\n Food inflation rose again to a record 30.1 percent, compared to 26.6 percent recorded in April.<\/p>\n Mr. Kumah said this inflation was not a result of shortage on the supply side of food.<\/p>\n \u201cThe reason why the costs have gone up is the price of transport, and there have been consistent increments in fuel prices at the pump.\u201d<\/p>\n He assured that the government was working to remedy these challenges.<\/p>\n \u201cIn fact, the mid-year budget is coming. We are going to take several initiatives to address some of these important inflation concerns in our country.\u201d<\/p>\n Also speaking on Eyewitness News<\/strong>, economic journalist Toma Emihere said profiteering along the food chain was contributing to the high inflation rate in the country.<\/p>\n \u201cWe have an inefficient supply chain for food,\u201d he explained.<\/p>\n \u201cBy the time it gets to consumer markets in southern markets and the major urban centres, it is more than twice the farm gate price.\u201d<\/p>\n He thus suggested that the government use fiscal incentives to tackle issues in a holistic manner because \u201cthe supply chain is too fragmented.\u201d<\/p>\n As an example, he said, there could be one company that buys from the farm gate and delivers to retailers in Accra.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" John Kumah, a Deputy Finance Minister, says the government still has its sights set on stabilising inflation around its 8 percent target. This is despite inflation continuing to rise, reaching 27.6 percent in May, amid a cost-of-living crisis. Speaking on Eyewitness News, Mr. Kumah said, \u201cwhere we are is way overboard, and we are not […]<\/p>\n","protected":false},"author":1,"featured_media":1115422,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[15041,225,227,16836,1922],"class_list":["post-1115480","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-eyeing","tag-govt","tag-inflation","tag-surges","tag-target"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1115480","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1115480"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1115480\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1115480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1115480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1115480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}