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Business News of Thursday, 20 February 2020

Source: www.ghanaweb.com

New law to standardize measurements, determine inflation figures before cabinet – GSS


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The Ghana Statistical Service (GSS), has disclosed that a new law to standardize weights, measurements and determine accuracy in inflation figures is currently before cabinet.

According to the Government Statistician, Prof. Samuel Annim, the law which is awaiting approval for passage will help in determining accurately the rate of inflation and should also make inflation figures reflect market conditions.

Prof. Annim noted that the current law, rather makes it difficult to determine the relative increase in prices of goods especially when there is the bumper harvest which makes the GSS rely on the discretion of sellers to determine inflation figures.

“Anytime we go to the market to pick prices, they are largely informed by seasonality’s and where we have the season for a particular food item depending on the harvest we have for a particular year, the prices are informed by that. Our sellers are not privy as to how variations in these weights inform the pricing,” Prof. Samuel Annim told Citi Business News.

“We are making a cabinet memo to look at the possibility of standardizing the use of weights of the items that we purchase on the markets,” he added.

“So we think it is about time that as a country, there should be a legislation that all that we buy on the market should be weighed so that appropriate prices will be obtained and this will go in favour of both our farmers and the sellers of the product in the market,” he concluded.

Professor Annim says he believes that a common weighing mechanism should benefit farmers, sellers as well as consumers.

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