Due to the COVID-19 pandemic, the Ukraine -Russia situation as well as some other factors, most countries in the world are experiencing harsh economic crisis and Ghana isn’t an exception.
Prices of goods and services have increased dramatically and making life very difficult for people.
Prices of fuel in Ghana have been increased more than once and it also has rippling effects on transportation fares as well as prices of goods.
In view of the harsh economic conditions in the country which has led to the increase in prices of goods and services, the inflation rate of Ghana noted to be 29.8% as announced by the Bank of Ghana has been disputed.
According to Steve Hanke, who is an Economist at the John Hopkins University and a Senior Fellow and Director of Troubled Currencies Project, the inflation rate as announced by the Bank Of Ghana is not right and not the real situation on the grounds.
According to him, the 29.8% inflation announced by the Bank of Ghana is not even close to the reality indicating that he has accurately measured the inflation rate in Ghana and he can peg it at 48.40%.