Skip to main content

2013 Inflationary trend begins with 8.8% rate

By Fred Sarpong

The year 2013 has started with a year-on-year inflation rate of 8.8%, recorded in January 2013. This is measured by the Consumer Price Index (CPI).
This means that the general price level went up by 8.8% over the one year period from January 2012 to January 2013.
The monthly change rate for January 2013 was 2.1%. This means that the general price level went up by 2.1% for the one month period between December 2012 and January 2013. The monthly rate for December 2012 was 0.7%.
Dr. Philomena Nyarko, the acting Government Statistician announced this to the media in Accra last week. She stated that the food inflation rate of 3.9% was about three times lower than the non-food inflation rate 11.6%
According to her the food and non-alcoholic beverages group recorded an average year-on-year inflation rate of 3.9%, the same as recorded in December 2012. Under this group, eight subgroups recorded inflation rates above the group’s average inflation rate of 3.9%.
These includes mineral waters, soft drinks and juices 18.0%; coffee, tea and cocoa 15.3%; milk, cheese and eggs 12.2%; meat 11.8%; sugar, jam, honey, syrups, chocolate and confectionary 10.7%; oil and fats 8.4%; bread and cereals 7.6%; and food products 4.6%. The following were below 3.9%. They are fish 1.0%; vegetables include potatoes and others with negative 0.8% and fruits had negative 5.0%.
The Government Statistician noted that inflation in local food products was significantly lower than that of imported food products.’ Inflation rates for rice and bread (wheat) were most important imported food items recorded in January 2013,’ she added.
Within the Non-food group, seven sub-groups recorded inflation rates higher than the group’s average rate of 11.5%. These include education 21.9%; alcoholic beverages, tobacco and narcotics 17.0%; clothing and footwear 16.3%; miscellaneous goods and services 15.0%; furnishing, household equipment 14.5%; recreation and culture 14.5%; and housing, water, electricity, gas and other utilities 12.2%. Health 11.2%; hotels, cafes and restaurants 8.3%; transport 7.4%; and communications 0.4% were recorded below the sector average rate of 11.5%.
At the regional level, the year-on-year inflation rate ranged from 5.8% in the Volta Region to 11.0% in the Greater Accra Region. Four regions, namely Greater Accra 11.0%, Northern 9.4%, Central 9.4%, and Ashanti 9.2%, recorded inflation rates above the national average of 8.8%. The other six regions, which rates were below the 8.8% are Eastern 8.0%, Brong Ahafo 7.9%, Upper East and Upper West 7.4%, Western 7.0%, and Volta 5.8%.


Popular posts from this blog

Akuapem-Apirede to promote tourism

By: Fred Yaw Sarpong
The Chiefs and people of Akuapem-Apirede in the Okere Constituency of the Akuapem North Municipality have put in place strategic plans to promote tourist sites in the town.
Apiredehene, Nana Saforo Okoampah III told the Daily Express that their vision is to develop Apirede in a modern way.
“We want to have a modern society and environment. We are doing this on the basis of promoting tourism here,” he added.
According to the Apiredehene, it’s their plan to promote the historic sites and the geographical location of the community.
Apirede is one of the 17 towns that forms the Akuapem State and historically, it used to house the armours of the Akuapem State. The community is part of the Nifa division of Akuapem.
He stated that one of those things was called ‘Odosu’ (the war god for Okuapemhene). “The Chief Executioner in those days for Akuapem also came from Apirede and items that he used were also kept here,” he stated.
“These are a lot of things …

Ghana to benefit from oil spill fund

By: Fred Yaw Sarpong

Ghana as crude oil importing country will benefit from the International Oil Pollution Corporation Fund if the country witnesses oil spill at its ocean.

“The fund is a global fund and it’s meant for the countries that import crude oil. The fund is voluntary but Ghana through the Tema Oil Refinery (TOR) contributes annually on behalf of Ghana,” Mr. Kojo Agbenor Efunam, the Deputy Director in charge of oil and gas at the Environmental Protection Agency (EPA) told the Daily Express.

He explained that the fund is mostly for crude oil importing countries but not those into production and exportation.

Mr. Efunam further explained that once Ghana is part of the fund, anytime there is an oil spill involving an oil tanker on the seas of Ghana, the country can apply for the fund to solve any problem resulting from the spillage.

“If the incident does not involve a tanker the country does not benefit. But if the incident involves a tanker the country applies for the fund,” he ment…

PFM Act to guide local government authority borrowing

By: Fred Yaw Sarpong
The bill, Public Financial Management (PFM) Act 921 which has been passed into law by Parliament is to guide public institutions especially the local government authority borrowing. The law was pass on 3rdAugust, 2016
According to the law, local government authority, a public corporation or state-owned enterprise is liable for the debt and other obligations without recourse to Government, unless otherwise explicitly guaranteed by Government in accordance with this Act.
Madam Eva Esselba Mends, the Chief Economic Officer and Group Head of PFM at the Ministry of Finance told the Daily Express that the law involves a lot but it also give instruction to how state institutions can borrow especially with the  local government authority.
She mentioned that there is no specific law in place that gives direction as to what local authority can do when it comes to borrowing by the authority. Other public corporations sometimes borrow with huge amount for their operation but loca…