Ghana aims for single-digit inflation
from RUSSEL ADADEVOH in Accra, Ghana
ACCRA – GHANA is determined to ensure a single inflationary digit is achieved by next year, a senior official has said.
The Bank of Ghana (BoG) Second Deputy Governor, Mollison Narh, said the central bank had projected the country would record a single digit inflation rate by the second half of 2015, subject to world market price of oil and stability in the exchange rate.
Narh said among the reasons that nearly derailed the projected move was depleted foreign reserves, which he said weakened the Cedi.
Narh and BoG fellowofficials were responding to questions from the Parliamentary Accounts Committee (PAC) on the country’s Auditor regarding the foreign exchange receipts.
“We are not able to support the market adequately because of the low reserves levels that we have.
“Once you reduce your reserves what happens is that you are not able to support the market as you would have and this actually impacts on the performance of the currency from time to time,” Narh said.
The inflation rate in Ghana was recorded at 15,9 percent in August.
– CAJ News
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