Ghana’s April PPI dips to 4.8 percent on stable local currency

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Photo taken on July 16, 2015 shows 1,000 Cedi notes and a Huawei Mobile phone P7 worthy of 1,000 Cedi in Accra, Ghana, July 16, 2015. Sub-Sahara African currencies have in recent months come under significant pressure. (Xinhua/Lin Xiaowei)
Photo taken on July 16, 2015 shows 1,000 Cedi notes and a Huawei Mobile phone P7 worthy of 1,000 Cedi in Accra, Ghana, July 16, 2015. Sub-Sahara African currencies have in recent months come under significant pressure. (Xinhua/Lin Xiaowei)

The Producer Price Index (PPI) which measures the rate of change over time in prices received by domestic manufacturers for the production of their goods and services shrank by 1.2 percentage points to 4.8 percent in April, said the country’s statistical bureau on Wednesday.

Month-on-month change, producer price index for April also decreased 1.3 percent.

Acting Government Statistician Baah Wadieh told the media that the there were decreases recorded across all three industry sectors, namely mining and quarrying, manufacturing, and utilities.

“The main cause of the drop in the Producer Price Index was the appreciation of the Cedi (local currency) impacting the incomes from exports such as gold as well as goods produced in the country,” Wadieh explained.

The Bank of Ghana announced on Monday a 100 basis point reduction in its policy rate from 23.5 percent to 22.5 percent, citing bright prospects for the economy. Enditem

Source: Xinhua/NewsGhana.com.gh

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