•He is therefore calling for calm as the rate is often as a result of the petroleum taxes which have have affected the pricing of goods and services
•Ghana's inflation rate for July 2021 hit 9 percent
John Kumah, the deputy finance minister, has indicated that the government of Ghana is poised with measures to control the rising inflation rate of the country.
According to him, the rise in the rate is as a result of the introduction of new taxes contained in the government 2021 budget statement.
Speaking on Joy News monitored by GhanaWeb, John Kumah explained that taxes placed on petroleum products in May this year has resulted in the increase of prices of good and services which has in turn impacted on the inflation rate at 7.8 percent and 9 percent in July 2021
“At the beginning of the year, the government introduced a number of taxes which took effect from May. So as at May, the inflation rate was 7.5 percent. But because of the introduction of petroleum, you know petroleum affects virtually everything, so the immediate reaction in the following month; June, shot it up to 7.8 percent because transport fares had gone up. That is why as of July, you saw the figure at 9 percent,” Kumah explained.
He adds that as a result of this, an increase in the inflation figures should be expected as it ordinarily impacts the pricing of goods and services.
“We have it under firm control. I can assure you. There is no cause for alarm. Some people should not be unnecessarily frightened that we are tipping points,” he assured. Read Full Story
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