He explained that the cost of staple items, significantly food gadgets, have since January inflated above 80% and there’s no signal of it slowing down quickly.
This, he says, has positioned undue burden on his pocket and that of odd Ghanaians.
Speaking on JoyNews’ PM Express Business Edition, he said, “They say inflation is what, 33.9%? In my pocket it feels more like 80%.I mean if you take the cost of basic things – frozen foods January 2022 120 cedis, now it’s 250 cedis, that is 108% increase. That is frozen foods, frozen chicken.
“Royal Aroma Rice 5kg 32 cedis to 58cedis, 81% increase. Frytol, 15 cedis to 30 cedis, that is an 88% increase. The things I haven’t asked is pure water, salt, pepper, tomatoes. So inflation is for me, in my pocket, and I’m not disputing what the statistical service has, in my pocket it is more like 80.
“And then you know, for us as a company, we pay for our IT services, most of them are in dollar rates … and that has almost doubled. So for me in my pockets that is over 80%.”
Ghana’s annual inflation charge accelerated for the fifteenth straight month to 33.9% in August of 2022, from 31.7% in July, however beneath market forecasts of 34.3%. It was the very best studying since August of 2001, even after Ghana’s central bank delivered a record 300bps charge hike throughout an emergency assembly in August.