• About
  • Advertise
  • Privacy Policy
  • Contact
Friday, May 20, 2022
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Job Vacancies
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Job Vacancies
No Result
View All Result
The Vaultz News
No Result
View All Result

Average Consumer Prices To Remain High, Ending 2022 At 16.3%

April 21, 2022
Stephen KotochiebyStephen Kotochie
in Economy, One Top Story
0
Average Consumer Prices To Remain High, Ending 2022 At 16.3%

Average consumer prices in the country are expected to remain high, well above the Central Bank’s upper target band of 10 percent this year.

According to the International Monetary Fund (IMF), Ghana’s inflation will rise from an estimated end-of-year average of 10 percent in 2021 to 16.3 percent in 2022.

 The Fund however, expects inflationary pressures to ease gradually in 2023 which will see inflation declining marginally to 13.0 percent, even though still above the upper band of the Bank of Ghana’s target of 8±2 percent.

RelatedPosts

We Need To Look Critically At How We Fight Inflation –  Togbe Afede XIV

Producer Price Inflation Rose To 31.2% In April 2022

Cost-Push Pressures To Persist Until Third Quarter – Databank Research

With these projections, the Bretton Woods Institution expects average prices in West Africa’s second largest economy to remain above the average for the whole Sub-Saharan African region of 12.2 percent and 9.6 percent for 2022 and 2023, respectively. This means inflationary pressures in Ghana are expected to linger in the next few years, even though Ghana’s average inflation in 2021 was lower than the regional average of 11.0 percent.

Compared to its peer middle-income countries in Africa, average prices in Ghana are among the highest on the continent. Figures from the IMF show that the average inflation rate for middle-income countries in Africa was 5.6 percent in 2021, 4.4 percentage points higher than the estimates for Ghana.

951725 517158 imf2 akhbar

The gap between the figures is expected to remain high, at least, in the next one year. The IMF, in its April 2022 World Economic Outlook, projected average consumer prices  for middle-income countries in Africa to rise to 7.2 percent in 2022 before easing drastically to 5.3 percent in 2023.

Zambia is the only country classified by the IMF as a middle-income country in the recent report that had inflation rate higher than Ghana last year. Even that, the IMF expects Zambia’s inflation rate to decline from 20.5 percent in 2021 to 15.7 percent and 9.2 percent in 2022 and 2023, respectively.

Global inflation risks mounting

Global growth continued to recover, supported by accommodative monetary policies, fiscal stimulus packages, and the waning effects of the COVID-19 virus around the world. However, global economic activity faces multiple challenges ahead, reflecting new geopolitical events such as the Russia-Ukraine war.

These challenges have further heightened uncertainties and caused a surge in commodity prices, persisting supply chain bottlenecks on manufacturing output, withdrawal of monetary policy stimulus in some major advanced economies, and vulnerabilities associated with rising debt stocks, especially in emerging market and developing economies.

The surge in commodity prices is biting hard on household consumption in many countries. The elevated inflationary pressures in Ghana resulted in headline inflation rising sharply from 15.7 percent in February 2022 to 19.4 percent in March. Both headline and core inflation are significantly above the upper limit of the medium-term target band of 8±2 percent.

Market in Ghana

The Bank of Ghana earlier warned that “the uncertainty surrounding price developments and its impact on economic activity subsequently weighed down business and consumer confidence”. Upside risks to inflation have mounted in the country with their manifestation in petroleum price adjustments and transportation costs, and exchange rate depreciation.

Meanwhile, BoG cautioned that it’s latest forecast still depicted an elevated inflation profile in the near term, and it expects inflation to fall within the medium-term target band in about 12 months’ time.

Looking ahead, elevated inflation is expected to persist for longer than envisaged, reflecting the effects of the Russia-Ukraine war on energy and food prices and ongoing supply chain disruptions.

READ ALSO: COCOBOD to Hand Over Rehabilitated Farms to beneficiaries, Cocoa Farmers Cheer

Tags: Bank of GhanaCOVID-19IMFinflationRussia-Ukraine

Send your news stories to [email protected] and via WhatsApp on +233543050759.

Related Posts

We Need To Look Critically At How We Fight Inflation - Togbe Afede XIV
Economy

We Need To Look Critically At How We Fight Inflation –  Togbe Afede XIV

May 20, 2022
Producer Price Inflation Rose To 31.2% In April 2022
Economy

Producer Price Inflation Rose To 31.2% In April 2022

May 19, 2022
Cost-Push Pressures To Persist Until Third Quarter – Databank Research
Economy

Cost-Push Pressures To Persist Until Third Quarter – Databank Research

May 19, 2022
MPC Commences Meetings Today, IEA Calls For A 200 Basis Point Hike In Policy Rate
Economy

MPC Commences Meetings Today, IEA Calls For 200 Basis Points Hike In Policy Rate

May 18, 2022
Ghana Named Among 3 African Countries Likely To Hike Policy Rate This Month
Economy

Ghana Among 3 African Countries Likely To Hike Policy Rate In May

May 17, 2022
Introduce Cash Transfer Scheme To Cushion Citizens Against Rising Cost of Living - Dr. Opoku
Economy

Introduce Cash Transfer Scheme To Cushion Citizens Against Rising Cost of Living –  Dr. Opoku

May 17, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post

COCOBOD to Hand Over Rehabilitated Farms to beneficiaries, Cocoa Farmers Cheer

Next Post

IGP Explains Why Husband of Osinachi Nwachukwu is Yet to be Arraigned in Court

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
Mercedes AMG Confirms Vision For Electric Future
Wheels

Mercedes AMG Confirms Vision For Electric Future

by Stephen M.CMay 20, 2022
Country Director for Global Professional HR Certification, Dr Jeff Bassey, has revealed that salaries for employees in an organisation is a critical engagement drive.
General News

International HR Day: Compensation is a critical engagement drive- HR Expert

by Angeller AshongMay 20, 2022
African Development Bank Board Approves $1.5 Billion Facility To Avert Food Crisis
Africa

African Development Bank Board Approves $1.5 Billion Facility To Avert Food Crisis

by Stephen KotochieMay 20, 2022
Mechanical Engineer Supervisor
Job Vacancies

Mechanical Engineer Supervisor Needed For Hiring

by thevaultzMay 20, 2022
mining
Extractives/Energy

Global: Autonomous Mining Trucks Population to Reach 1,800 by 2025

by Stephen AbankwahMay 20, 2022
North Korea: Fighting Covid With Traditional Medicine
Asia

North Korea: Fighting Covid With Traditional Medicine

by Edem NyonatorMay 20, 2022
Mercedes AMG Confirms Vision For Electric Future
Country Director for Global Professional HR Certification, Dr Jeff Bassey, has revealed that salaries for employees in an organisation is a critical engagement drive.
African Development Bank Board Approves $1.5 Billion Facility To Avert Food Crisis
Mechanical Engineer Supervisor
mining
North Korea: Fighting Covid With Traditional Medicine
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Job Vacancies

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In