{"id":1166830,"date":"2022-08-04T21:54:06","date_gmt":"2022-08-04T21:54:06","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/08\/04\/ghanas-economy-growing-despite-rising-inflation-rate-yofi-grant\/"},"modified":"2022-08-04T21:54:06","modified_gmt":"2022-08-04T21:54:06","slug":"ghanas-economy-growing-despite-rising-inflation-rate-yofi-grant","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/08\/04\/ghanas-economy-growing-despite-rising-inflation-rate-yofi-grant\/","title":{"rendered":"Ghana&#8217;s economy growing despite rising inflation rate &#8211; Yofi Grant"},"content":{"rendered":"<p><\/p>\n<div id=\"article-text\" style=\"line-height: 2; letter-spacing: -0.5px;font-size: 18px;\">\n<p>                        <!--p class=\"ky_saved_articles_link\"><span class=\"ky_saved_articles_hide\"><img decoding=\"async\" src=\"\" class=\"ky_saved_articles_img\" alt=\"Ghana's economy growing despite rising inflation rate - Yofi Grant\" title=\"Ghana's economy growing despite rising inflation rate - Yofi Grant\"><\/span> Bookmark<\/p-->\n<p>The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Yofi Grant, has said the country\u2019s economic growth and outlook continue to be positive, although its year-on-year inflation has shot up.<\/p>\n<p>He stated that the fundamentals are still resilient and strong but not as weak as perceived, despite acknowledging that a number of factors  the outbreak of Covid-19 have contributed to the existing economic recession.<\/p>\n<p>Speaking to the BBC\u2019s Daniel Dadzie in an interview, he highlighted that Ghana is not the only country to hit the snag because other developed economies have equally recorded higher inflation rates.<\/p>\n<p>\u201cAs we speak right now, I am still trying to find any major country that has been able to battle inflation. It\u2019s not just inflation but about growth. Our economy has been growing despite the fact that inflation is at that level. Our economy is very different from those economies.<\/p>\n<p>\u201cWe\u2019re seeing larger economies also riling now; like Nigeria. We\u2019ve seen the US economy has inflation at a 40-year high; we\u2019ve seen the UK economy [with] same problem, the same with Canada.<\/p>\n<figure class=\"wp-block-video\"><video controls=\"\" src=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2022\/08\/WhatsApp-Video-2022-08-04-at-18.43.36.mp4\"\/><\/figure>\n<p>\u201cSo, it\u2019s not one that you isolate and say because of inflation, then it means everything else is crumbling,\u201d he observed.<\/p>\n<p>Ghana\u2019s year-on-year inflation shot up by 2.2% to 29.8% in June, 2022, according to data from the Ghana Statistical Service (GSS).<\/p>\n<p>This is the highest recorded since December, 2003.<\/p>\n<p>However, the rate of inflation, according to the inflation curve, has begun slowing down compared to previous months.<\/p>\n<p>Whilst inflation for locally produced items was 29.2%, that of imported items was 31.3%.<\/p>\n<p>Similarly, the country\u2019s public debt increased from 65% to 80% of GDP during the pandemic, despite being one of Africa\u2019s fastest growing economies.<\/p>\n<p>These and other factors have forced the country to seek economic support from the International Monetary Fund (IMF).<\/p>\n<p>Mr. Yofi Grant says the return to the Fund should not be interpreted wrongly.<\/p>\n<p>\u201cLet me point out a few things to you; prior to Covid, our economy was probably one of the fastest growing in the world. Even in the Covid times when many economies were riling, the Ghanaian economy grew by 0.5%, it was still positive.<\/p>\n<p>\u201cI saw an article written by an economist which says that \u2018isn\u2019t President Akufo-Addo or Ghana going back on its word on Ghana Beyond Aid?\u2019 Absolutely no!<\/p>\n<p>\u201cWe are not going for aid, free money. We are all members of the IMF so we put money there. It\u2019s like a lender of last resort,\u201d he added.<\/p>\n<p>                <!-- Post Tags --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Yofi Grant, has said the country\u2019s economic growth and outlook continue to be positive, although its year-on-year inflation has shot up. He stated that the fundamentals are still resilient and strong but not as weak as perceived, despite acknowledging that a number of factors [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1166833,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[187],"tags":[1963,250,6945,844,227,179,157,22318],"class_list":["post-1166830","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics","tag-economy","tag-ghanas","tag-growing","tag-inflation","tag-rate","tag-rising","tag-yofi"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1166830","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=1166830"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1166830\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1166830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1166830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1166830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}