One of the excuses communicated by the New Patriotic Party [NPP] is the wild import of the coronavirus pandemic that struck the world without notice and the catastrophic war between Ukraine and Russia that has primarily hampered world growth.
They believe that these two have influenced and stamped on the growth of the Ghanaian economy.
In case you do not know, Ghana’s rate of inflation of 11.7% in 2018 was the third highest in the West African Sub-region; behind only those of Nigeria and Guinea.
In 2019, Ghana rebased its inflation components/basket which reduced the rate of inflation albeit artificially to 7.1%, despite that making its inflation rate the fifth highest in the West African Sub-region; behind Guinea, Liberia, Nigeria, and Sierra Leone.
Once more, it is clear Ghana’s inflation rate has consistently been one of the highest in the West African Sub-region.
It would have probably been the highest had it not been for the rebasing which reduced the rate artificially in 2019. No COVID nor Ukraine/Russia war then or?
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