Former Deputy Minister of Finance, Cassiel Ato Forson has given Ghanaians reason to worry this New Year after indicating that prices of goods such as sugar, rice, pharmaceuticals, cement and others could increase by 30%.
He attributed the potential increase of prices of goods to Government’s decision to remove discounts on the values of some imported goods.
“Unfortunately, the Akufo-Addo and Bawumia government has reversed the discount on all items using the Benchmark values effective today,” he said.
Therefore, “please expect prices of goods such as Rice, Sugar, pharmaceuticals, cement, roofing sheets to go up by at least 30% effective today,” he added.
Ato Forson who is currently a member of parliament for Ajumako Enyan Esiam took to his facebook page to make these revelations after the Ghana Revenue Authority (GRA) released a document confirming the removal of discounts of values on selected imports.
2022 is a year of Economic Misery and inflation!
Folks, we need to brace-up for more hardship this year.
Here is why:
1) Prices of goods to be increased by at least 30%
2) The Ghanaian cedi now trading at almost 6.5cedis to 1 US Dollar is likely to hit 7 cedis before End of the year.
3) fuel prices set to go up by 18 pesewas this week is likely to go up again on account of a weak cedi
4) multiplicity of taxes and Levies to take effect by End of January 2022.
5) Interest Rates likely to go up again
6.) Government will be borrowing heavily from the domestic market since the Euro bond market is closed to Ghana for, at least, the first half of 2022.