The Director of Strategy and Business Operations at Dalex Finance, Joe Jackson, has advised the Akufo-Addo government to take bold steps to reduce inflation in the country.
He said Ghana’s economy is struggling and when inflation heightens freely, the hardship among citizens becomes unbearable.
Jackson who made this suggestion to the government told Piesie Okrah on Kawadwen on TV XYZ that taxes on some foods imported into the country ought to be slashed.
“Taxes on various foods imported into the country must be slashed,” he urged.
Asked which products, Jackson said, ” taxes on rice, wheat and meat that are imported into the country should be slashed drastically.”
“I am not saying the taxes be scrapped forever but within this period that we are in difficult times. As we say inflation is going high, it is the prices of food that is driving it at a top speed,” Mr Jackson explained in Akan.
Mr Jackson was reacting to the increase in the price of livestock fueling meat price hikes on the country’s markets.
When XYZ News team got the shores of James Town– the heart of meat production in Accra– traders said the prices of live animals have gone high.
The place usually referred to as ‘Bodey’ is where sellers buy livestock such as cattle, sheep and goat to sell at various markets such as Circle, Madina, Ashaiman and beyond.
Blaise Bé-Uuvor, the National Secretary of the Livestock Dealers Association of Ghana affirmed that they have had to adjust prices of their live and dressed animals.
“Recently the prices of live animals have gone up because of the CFA. We import these animals from Burkina but recently we have to get more cedis to get the CFA,” he lamented.
Obviously the depreciation of the Cedi against major currencies have resulted in higher prices of animals bought from Burkina Faso to Ghana with consumers bearing the brunt.
Mr Bé-Uuvor said last year GHS 35,000 could buy about 100 average sized goats but now he has to cough more than GHS 60,000 to get about 80-90 goats.
The Ghana Statistical Service on Wednesday announced that
surging food prices pushed the rate of inflation in May 2022 to 27.6%,
This is against 23.6% recorded that was recorded in April 2022.
Fuel prices have soared incessantly in the past 6 months, shooting transport fares up which has resulted in heightening food inflation.
Joe Jackson believes the economy is crumbling because of government’s taste for borrowing.