Deputy Finance Minister, Dr. John Kumah, has expressed his optimism that government will still fulfil its single digit inflation target for the 2022 fiscal year.
Although the government targeted about 8percent inflation rate at the end of the 2022 fiscal year, the rate has seen a consistent monthly increase in the first half of the year.
Latest data on Consumer Price Index (CPI) released by the Ghana Statistical Service puts inflation rate for May 2022 at 27.6 percent representing a four percentage point increase over the previous month.
Reacting to the recent figures on Accra-based Citi FM, the deputy finance minister admitted that government is not happy with the persistent hike in the inflation rate.
Despite these challenges, Dr. John Kumah has assured the public that government still has its sights set on stabilising inflation around its 8 percent target.
“Where we are is way overboard, and we are not happy with it. But we strongly believe that we will quickly come back within the target of 8 percent,” the Member of Parliament for Ejisu in the Ashanti Region assured the public.
Sharing his view on the cause of the near galloping inflation, he indicated that the phenomenon cannot be attributed to shortage on the supply side of food.
“The reason why the costs have gone up is the price of transport, and there have been consistent increments in fuel prices at the pump. In fact, the mid-year budget is coming. We are going to take several initiatives to address some of these important inflation concerns in our country,” he further stated.