Government has been entreated to work closely with various stakeholders to bring down food inflation.
According to Senior Lecturer at the Department of Economics of the University of Ghana, Professor Eric Osei-Assibey, this is a smart way of reducing inflation.
Recent data from the Ghana Statistical Service shows that food inflation went up to 61% in January 2023, from 59.7% in December 2022.
Professor Osei-Assibey says this requires the adoption of such policy to bring the rate of food inflation down.
Speaking at the American Chamber of Commerce-Ghana 2023 Economic Outlook Report, he said government should be deliberate in its attempt to support the agriculture value chain.
“Looking at the current hike in food inflation has to do with our inability to produce enough for what we consume which is serious. So I am of the view that if we are able to come out of this crisis, we need to be deliberate in our approach for good policies to support farming on a large scale”, he stated
He called for investments in the sector and requested banks to review a number of the sector’s support initiatives.
He again urged government to step up efforts to raise domestic tax collection.
“When we have banks supporting agriculture, I think it will help to ensure a robust economy. We need investment at this point in the agriculture value chain. There is also the need for government to rake in more revenue to support various sector of the economy”, he added.
The American Chamber of Commerce Ghana 2023 Economic Outlook report provided insight into government’s tax provisions, fiscal and monetary development, debt sustainability, and key macroeconomic performance and targets.
- Special Prosecutor secures court order to arrest Charles Bissue
- Arrest of Prof Frimpong-Boateng disrespectful, tone down – Prof Gyampo cautions Special Prosecutor
- Saglemi: Former Housing Ministry Chief Director wheeled to court to face 43 criminal charges
- Frimpong-Boateng’s arrest by OSP was lawful – Joseph Kpemka
- Charles Bissue will not turn himself in despite court order for his arrest – Lawyer
- Ken Ansah wins CEO of the Year again but transfers praise to his talented team
- We need clarification – Bagbin calls for Gyakye Quayson’s name to be retained in Parliament’s records
- Gold for Oil policy cornering BDCs – Dr. Ofori
- Ghanaian in US kills himself after shooting wife for allegedly leaving him for her Ex
- ‘Ghana’s future will be bleak if we don’t act now’ – MPs push for legislation on Artificial Intelligence
- Court of Appeal Judge to be investigated for ‘suspicious ruling’
- Propak Ghana organises first international exhibition for manufacturing Industries
- 2024 U-20 WWCQ: Black Princesses draw a bye in first round
- Absa Bank donates blood to boost Ghana’s reserves
- 28 million SIM cards successfully registered – Communications Minister
- Baby Jet U-16 Tournament: Knockout games to begin on Friday
- Egypt bans Dutch archaeologists over exhibition linking Beyonce and Rihanna to Queen Nefertiti
- Today’s front pages: Friday, June 9, 2023
- Keta MCE abusing his power with sale of Premix – Concerned youth
- Leverage Africa’s resource endowment to finance development – Mahama
- AGI will be keenly monitoring Mid-Year Budget Review – Twum Akwaboah
- NSMQ23: Acherensua SHS, 2 others book preliminary stage slot
- Donald Trump indicted over classified documents case
- Be vigilant, report strange occurrences and behaviours – NCCE urges public
- Trump will show up on Tuesday, his lawyer says