Inflation in my pocket is 80% – Ken Thompson

The Chief Executive Officer of Dalex Finance, Mr Ken Thompson has cast doubt on the inflation figures put out by the Ghana Statistical Service.

He said inflation according to his pocket is about 80%.

“You know, the Government Statistician says inflation is around 36%, 37% whatever it is. I mean, in my pocket inflation is over 80%,” he said.

“I don’t know what is happening but if you go for chicken, prices have gone up, for oil, prices have gone up, if you go for basic medicine, the prices have gone up, everything has gone up,” he added.

He made the comment on Face to Face on Citi TV on Tuesday, November 1, monitored by GhanaPlus.com.

The renowned business executive blamed the country’s high inflation on the general economic challenges globally but largely on the depreciating of the Ghanaian Cedis adding that people have lost confident in it.

“Partly, general inflation all over the world but mainly due to the currency crashing and the currency is crashing because people have lost confident in it and they are dumping cedi and as it appear that government policies to restore confident is not consistent they dump most often”.

Inflation hit 40.4

Ghana’s inflation has reached 40.4 per cent, the Government Statistician, Professor Samuel Anim announced at a press conference on Wednesday, November 9.

The Ghana Statistical Service disclosed food, recording a year-on-year inflation of 34.4% in August 2022 alone,

Oils and fats recorded 67%; fish and other seafood recorded 42.9%; water recorded 42% wile cereal products recorded 40%.

Others are milk, diary products and eggs recorded 39.7%, fruits and vegetable Juices recorded 37.7%.

Live animals and meat on the other hand recorded 34.5% in August.

Ghana is ranked 1^st by the World Bank as the country in Sub-Saharan Africa with the highest food prices in 2022.

According to the Bretton Wood institution’s October 2022 Africa Pulse Report, food prices have since January 1, 2022, gone up by 22%.

Source: GhanaPlus.com