High pace of inflation

Ghana has been coping with high inflation since the beginning of the year and it began to hit harder in August. The prices of foodstuff and lorry fares have been affected drastically. Despite the central bank raising interest rates for the first time in history, consumer inflation in Ghana reached about 34% in August, the highest level since 2001. According to updated data issued by the statistical service, consumer inflation in the West African nation increased to 33.9% yearly in August from 31.7% in July. According to Bloomberg, the Ghana cedi, which is now ranked as the 147th best-performing currency in the world, lost 40.05% of its value against the US dollar in the first nine months of 2022. The local currency is currently experiencing its biggest drop versus the US dollar in more than three decades. The cedi's performance placed it last among the top 30 performing currencies on the African continent. The value of the local currency in relation to the most valuable currency in the world decreased by over 21% in the last three months. The cost of fares was increased by 19% and some drivers seized the chance to make a larger profit than they had planned. Most of them didn't stick to the 19% increase. There are many misunderstandings in the nation as a result of some people adding close to 2edis to the established price. Conductors and passengers frequently argue, even getting into physical altercations. People in Ghana are suffering as a result of this atrocity, and the situation is getting out of hand. Even goods grown in Ghana are now more expensive. One can be told bluntly that the dollar is to blame for Kontomire's increased cost. Some food items shouldn't be affected by the dollar in any way but it is, and it's causing a lot of distress to Ghanaians. With this act, the cost of every last crumb of any good is raised over its initial amount. If we are not to be our brother's keeper, how will we escape this financial crisis? Remember that a single, unprecedented increase might have an impact on numerous industries. Currently, a bowl of waakye costs 7 cedis. Shito, which was previously served as a second dish, is now sold. If everyone adheres to accurate pricing, the economy will do considerably better. There is no doubt that the economy is stagnant, but our activities are also preventing the right inflows of money into the economy. What sustainable initiative will we pursue next? Amanda Atunah, is the 2022 CSA Student Online Journalist of the Year and a Student at the Ghana Institute of Journalism(GIJ).