The government has denied reports by the opposition New Patriotic Party (NPP) that the 9.46 per cent inflation rate attained as at last July is cosmetic and does not reflect the actual situation on the ground. A Deputy Minister of Information, James Agyenim-Boateng, who denied the reports said it was unfortunate that such a comment should come from a party which left political power not too long ago. The diasporan branches of the NPP at a news conference in Accra yesterday accused the government of "conjuring figures to tell us that inflation is dropping when prices of every commodity are rising it, real terms". The NPP said "in every, economy, index prices of commodity are used to determine the direction of inflation; but not in NDC Ghana". Responding to the criticism at a news conference in Accra yesterday, Mr. Agyenim Boateng said the inflation figure, as announced, was scientifically monitored and determined by the Ghana Statistical Service which had been proven authentic by the World Bank, Centre for Policy Analysis (CEPA) and the Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana. He said it was the prudent economic policies adopted by the NDC government that had managed to bring inflation from 18 per cent when it assumed office in January 2009, to the current 9.46. "This is unprecedented and we are trying to improve on it using prudent economic policies," he said According to Mr. Agyenim-Boateng, the NDC inherited a national reserve of 1.8 months but had been able to build it up to three months because of fiscal discipline adopted by the government. Mr. Agyenim-Boateng also debunked assertions from some quarters that the government was not spending, saying the government spent GH¢9.1 billion last year whilst GH¢5.4 billion had been spent as at the first half of this year. He said all those achievements had been chalked not withstanding a huge debt stock that the government inherited from the NPP. Out of the GH¢800 million debt inherited on the Tema Oil Refinery, he said GH¢445 million had been paid whilst various sums had been paid to others. Mr. Agyenim-Boateng said it was the desire of the government that inflation would be further reduced. Source: Ghanaian Times