{"id":21818,"date":"2022-06-17T17:26:29","date_gmt":"2022-06-17T17:26:29","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/traders-get-rich-attitude-risk-prolonging-inflationary-pressures-statistical-service"},"modified":"2022-06-17T17:45:18","modified_gmt":"2022-06-17T17:45:18","slug":"traders-get-rich-attitude-risk-prolonging-inflationary-pressures-statistical-service","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/traders-get-rich-attitude-risk-prolonging-inflationary-pressures-statistical-service","title":{"rendered":"Traders\u2019 \u201cget rich attitude\u201d risk prolonging inflationary pressures\u2014Statistical Service"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>The Ghana Statistical Service (GSS) has cautioned that the country\u2019s current inflationary pressures risked being prolonged by the attitude of traders taking undue advantage of hikes in fuel prices and policy lapses.<\/p>\n

Mr John Foster Kwabena Agyaho, Head, Price Statistics, GSS, told the Ghana News Agency that the upward changes in prices of both locally produced and imported food commodities being experienced in the country could ease anytime soon.<\/p>\n

However, Mr Agyaho said \u201cthe get rich quick, let\u2019s take advantage of the situation\u201d attitude of many traders in the market could derail gains when prices start to see some stability during the harvest season.<\/p>\n

He said that some policy measures like the Government reducing the price of fuel usually would have immediately affected commodity prices: \u201cBut the other difficulty we\u2019re having as a country is us the individuals; the sellers.\u201d<\/p>\n

He said: \u201cPeople are quick to increase prices of goods and services at the hearing of increase in fuel prices even when they don\u2019t incur any input cost. When you raise a concern, they\u2019ll ask, haven\u2019t you heard that prices of things have gone up?\u201d<\/p>\n

The Price Statistician added that: \u201cAgain, you go to the same market, and you find two people selling a 5kg Gino rice for different prices. While somebody is selling it for GHS30, you could get it somewhere for as much as GHS100,\u201d and these could impede the easing of the pressures.<\/p>\n

\u201cIf other issues like external shocks due to the Russia-Ukraine war normalised, then when it\u2019s getting to the harvest season (from July and August) we should be witnessing some stability sooner than later,\u201d he said.<\/p>\n

Prof Samuel Kobina Annim, Government Statistician, said that: \u201cOnce there is an external shock, which we are arguing out, there are also some behavioural challenges within the economy that tend to push prices up.\u201d As such: \u201cWe really need to look at it from a multiple perspective and not address the challenge in the same way,\u201d Prof Annim said.<\/p>\n

He said it was important for the Monetary Policy Committee of the Bank of Ghana (BoG) and the Finance Ministry to tackle the inflationary pressures through policy, revenue, and expenditure intervention to ensure stability on the demand side.<\/p>\n

He also advised consumers: \u201cTo be aware of the fact that we\u2019re now in an era where we\u2019re recording variations in prices, which in the same geographical area could be over 200 percent.\u201d<\/p>\n

\u201cSo, once they are equipped with this information, they shop around for commodities, same quality but with the lowest price,\u201d the Government Statistician added.<\/p>\n

Professor Peter Quartey, Director of the Institute of Statistical, Social and Economic Research (ISSER), noted that the effect of the COVID pandemic and the Russia-Ukraine war would not be over soon.<\/p>\n

\u201cHowever, what we\u2019re going through now, I\u2019m cautiously optimistic that end of this year or early next year, we should be able to minimise some of these inflationary effects,\u201d he said.<\/p>\n

In the last release by GSS, the country\u2019s inflation had increased to 27.6 percent in May, up from 23.6 percent in April. Food inflation had increased to 30.1 percent from 26.6 percent in April, while non-food inflation, rose to 25.7 percent compared to the 21.3 percent the previous month. GNA<\/p>\n

Source: www.gna.org.gh<\/b><\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. The Ghana Statistical Service (GSS) has cautioned that the country\u2019s current inflationary pressures risked being prolonged by the attitude of traders taking undue advantage of hikes in fuel prices and policy lapses. Mr John Foster Kwabena Agyaho, Head, Price Statistics, GSS, told the Ghana News Agency that the upward changes in prices […]<\/p>\n","protected":false},"author":84,"featured_media":21817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[5092,5096,429,9215,9214],"class_list":["post-21818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-ghana","tag-ghana","tag-statistical-service","tag-traders-2"],"yoast_head":"\nTraders\u2019 \u201cget rich attitude\u201d risk prolonging inflationary pressures\u2014Statistical Service - Ghana<\/title>\n<meta name=\"description\" content=\"The Ghana Statistical Service (GSS) has cautioned that the country\u2019s current inflationary pressures risked being prolong ...\" \/>\n<meta name=\"robots\" content=\"index, follow, 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