According to Dr. Bawumia, the Central Bank has started implementing a series of strategies to combat the inflation rate, which is currently 33.9 percent.
Speaking in an interview with a Kenyan TV station, the vice president.
"In Ghana, we are addressing the problems in the setting of a very constrained or constrained budget. The Central Bank is attempting to manage inflation through monetary policy. To address the issue, there have been several interest rate rises.
However, economists have cautioned that the country's economic problems could get worse if interest rates keep rising.
Inflation in Ghana is still rising and will reach 33.9 percent in August 2022.
The change has sparked worries about Ghana's historically increasing inflation rate amid a crisis in the cost of living.
Prof. Samuel Kobina Annim, the government statistician, has already stated that the country's fiscal policies, rather than its monetary policy, are more to blame for the current rise in inflation.
He claims that the Ghana Statistical Service's verified data shows that the only way to address the rising cost of commodities is through legislative action on the supply side of the economy.
The predicament, according to the Bank of Ghana, is also attributed to a confluence of difficult global financial conditions, intense pressure on the exchange rate, and high inflation.
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