Ranking Member of on Parliament’s Finance Committee, Dr Cassiel Ato Forson has asked the Bank of Ghana (BoG) to immediately stop the printing of money to fund government’s activities.

According to Dr Ato Forson, this will help arrest the galloping inflation the country is recording. 

The Minority’s Spokesperson on Finance in expressing his worry about the issue, said the central bank should desist from the action immediately to save the economy. 

In a social media post on Wednesday, the Ajumako Enyan Essiam MP said the continuous rise in inflation is a major concern. 

“Ghana has officially announced the era of hyperinflation with inflation rate at 50.3 %.

“This will require a lot of work and difficult Economic policy choices to control. 

“Bank of Ghana must stop the printing of money NOW to save our economy!,” he said. 

Ghana recorded its highest inflation rate in 27 years. 

Inflation went up by 9.9% to 50.3% in the month of November 2022, according to latest figures from the Ghana Statistical Service.

The increment is attributed to the fuel price increases and the cedi's depreciation during the month under review.

According to the figures, food inflation hit 55.3%, from October’s rate of 43.7%.

Non-food inflation also shot up by 7.2% to 46.5% in November 2022.

Inflation for locally produced items also stood at 48.3%, whilst inflation for imported items was 55.1% in November 2022.