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Business News of Monday, 23 May 2022

Source: www.ghanaweb.com

Adopt innovative measures to deal with PPI surge – AGI to BoG

Dr. Humphrey Ayim-Darke, AGI president Dr. Humphrey Ayim-Darke, AGI president

PPI for April hits 31.6%

PPI surge: Consumers may bear the cost in coming months – AGI cautions

Inflation for April reaches 23.6%


The Association of Ghana Industries (AGI) has urged government through the Bank of Ghana to adopt innovative measures in dealing with a soaring surge in the Producer Price Inflation (PPI).

The Ghana Statistical Service (GSS) last week announced that the PPI for April this year reached 31.2 percent.

This was largely driven by the high manufacturing cost of goods and services in the country.

Reacting to the development in an interaction with Citi Business News, the AGI president, Dr. Humphrey Ayim-Darke, said consumers may have to bear the cost of the increase in the coming months.

“It’s very indicative considering the current inflation rates, considering that this position might trend for a while. The government through the Bank of Ghana must bring in interventions to correct the supply anomaly in the market," he is quoted to have said by Citi Business News.

"Previously, the BoG through the MPR mostly deploys some tools using the bigger objective of the inflation target model to slow down and bring stability in price. And we seek interventions from the BoG to be more innovative in the approach to tackle this situation,” he added.

The AGI president continued that, “We believe other forms of policy; doing direct targeting of the sectors that are driving inflation, will suffice to reduce this trend into the future.”

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