Ghana has recently witnessed skyrocketing inflation, leading to increased prices of goods and services. Transportation fares also rose marginally due to high prices of fuel at various pumps.

In June this year, the country recorded an inflation rate of 22.8%.

Speaking on this development at the Ghana Economic Forum in Accra on Thursday, August 8, 2024, the Chief Executive Officer of the Business and Financial Times (B&FT), Dr. Godwin Acquaye, noted that Ghana's import bill last year amounted to 21.5 percent of the value of the country's Gross Domestic Product.

The importation of goods, he said, contributes to the high inflation rate recorded in Ghana.

"We are a nation that imports virtually everything, and therefore we add to our woes by importing inflation from other countries. To put this in perspective, our import bill for 2023 was approximately GH¢180.7 billion, up from GH¢148.6 billion in 2022, according to the Ghana Statistical Services’ Trade Report published in May this year," Dr. Godwin Acquaye stated.

He added that, "Our nation stands at a pivotal moment in its history. There is an apparent global recession that steers us in the face. We are a nation that imports virtually everything, and therefore we add to our woes by importing inflation from other countries."

To address these challenges, Dr Acquaye said the government must adopt a unified long-term strategy, leverage expertise and prioritize policies that foster economic growth.

Additionally, all sectors of the economy must be strengthened to boost investor confidence.

This would accelerate investment and the growth process of businesses in the country.

SA/NOQ