Ghana has recently experienced a surge in inflation, which has driven up the prices of goods and services.
Additionally, transportation fares have also increased slightly due to rising fuel costs.
In June of this year, the country’s inflation rate reached 22.8%.
Addressing this issue at the Ghana Economic Forum in Accra on Thursday, August 8, 2024, Dr. Godwin Acquaye, CEO of the Business and Financial Times (B&FT), highlighted that Ghana’s import bill last year represented 21.5 percent of the nation’s Gross Domestic Product.
He pointed out that the importation of goods is a significant factor contributing to the high inflation rate in Ghana.
“We are a nation that imports virtually everything, and therefore we add to our woes by importing inflation from other countries. To put this in perspective, our import bill for 2023 was approximately GH¢180.7 billion, up from GH¢148.6 billion in 2022, according to the Ghana Statistical Services’ Trade Report published in May this year,” Dr. Godwin Acquaye stated.
He added that, “Our nation stands at a pivotal moment in its history. There is an apparent global recession that steers us in the face. We are a nation that imports virtually everything, and therefore we add to our woes by importing inflation from other countries.”
To address these challenges, Dr Acquaye said the government must adopt a unified long-term strategy, leverage expertise and prioritize policies that foster economic growth.
Additionally, all sectors of the economy must be strengthened to boost investor confidence.
This would accelerate investment and the growth process of businesses in the country.