She said, Ghana risks missing its inflation target following the increase in utility prices and taxes recently, adding that Government’s inflation target for this year is 8%.
Dr. Philomena Nyarko also mentioned that there is a possibility of inflation reflecting in significant increases in inflation in January and may continue in the first quarter of 2016.
It is on record that High inflationary risk last year led to the Bank of Ghana increasing the monetary policy rate continuously to 26 percent.
Meanwhile, the Government Statistician said the inflation target figure can only be achieved if there is a reduction in tariffs and taxes.
She indicated that, they are talking about utility and fuel prices, taxes, rent and all others, so the influence of utility hike reflect in high price of things, “…… then we may as a country see high inflation rates so the policy makers will have to find a way of bringing down some of these tariffs and taxes so that the common man could have some form of relief.”
Source: Newsghana.com.gh
