A Business Commerce (B.com) lecturer at the University of Cape Coast (UCC), Mr. Seyram Kawor has expressed his view with regards to the increment of prices of goods and services in the country.
Mr. Kawor added that, the Ghana Statistical Service has brought out a report showing the increase of the consumer price index (the rate of inflation) from 9.8% to 10.0%. The lecturer explained that, this is due to the increase in prices of non-food items. Hence, the difference of 0.2 is a marginal increase.
Mr. Seyram Kawor further explained some factors leading to the rate of inflation. He stated that the exchange-rate is one factor affecting inflation and this is due to the country’s high rate of importation. He claimed that, “Ghana is predominantly an import economy. We don’t manufacture, we don’t export”. Mr. Kawor added that this has caused investors to withdraw their investment from the system. Hence, “these factors have put pressure on the exchange-rate and that is what is affecting us in our economy.”
He further made mention that the setting of prices by individuals without being questioned is also a factor leading to the slow development of the economy.
When asked on how inflation affects the ordinary Ghanaian by the host, Kofi Asamoah Aning , he explained by saying that the increment in transportation fares is one major factor that affects most of the economic activities. When transportation fares are increased, prices of goods shoot-up. This leads to the final consumer bearing the final cost.
Former President John Mahama once described the economic management team as “abysmal” but the current President, His Excellency Nana Addo refuted his claims by saying the economy is on “a good course”.
Mr. Kawor went on to disagree with the former President’s view stating, “I will personally not agree with the Former President on this particular one. I will humbly disagree with him on the score that, during the tenure of the Former President, the rate of inflation that we are looking at now is not lower than when he was the President of the country”.
He further commended the Economic Management Team for putting a lot of efforts into the improvement of the economy.
The B.com lecturer furthered by urging statesmen to be discrete with their views and “be guided by whatever that they say” since it goes a long way to affect the economy. He added that the statement made by John Mahama can draw investors away from investing into the economy.
Mr. Kawor’s voice
Story by: Jennifer Akyereko/Sarah Appiah/pinkfmonlinegh.com