Govt Can’t reduce inflation by June. - Kumbour
April 14, 2008
Minority spokesman on Finance Dr. Benjamin Kumbuor has expressed pessimism about government’s projection of a reduced inflation rate by June. The latest rate of inflation announced by the government statisitican pegged the figure at 13.79 percent-representing a 1.79 percent increase from February. The impact is felt in food prices – a direct result of a worldwide increase in food costs because of shortages. Speaking on JOY FM, Dr. Kumbuor argued that government’s explanations must clearly state the co-relation between food baskets and prices in other areas of the economy and how government projects to achieve single digit inflation by June.
The government spokesperson on Finance Kwakue Kwarteng however insists recent global events account for the local trend of inflation and its effect on food prices.
The World Bank over the weekend expressed worry about a rapid rise in food prices which it said could push 100 million people in poor countries deeper into poverty. The bank said the price of staple crops such as wheat; rice and corn have all risen, leading to an increase in overall food prices of 83% in the last three years. Dr. Kwamena Essilfie Adjei is an economist. He told Super Morning Show host Kojo Oppong Nkrumah that government must invest more in locally grown rice and other crops.
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