High Cost of Living: Government Must Intervene – IEA

The Institute of Economic Affairs (IEA) wants the government to collaborate with the Bank of Ghana to find solution to the rising cost of living in the country.

The IEA has expressed concern about the soaring inflation figures, which is mainly contributing to the high cost of living.

Speaking to Kwaku Nhyira-Addo on the back of the presentation of the mid-year budget review on The Asaase Breakfast Show, the head of research at IEA, Dr John Kwakye on Wednesday said the government must find ways to drive inflation down.

“Inflation, I don’t know whether the figure quoted in the minister’s statement is correct, because he is talking like we expect inflation to remain at 28.5% by the close of the year. June was 29.8%.

“So, are we saying that we will not be able to bring inflation down in the next six months, and we have to cope with this level of inflation for the rest of the year, I don’t know,” Kwakye said.

“What are we doing about fuel prices and the inflation rate? There should be concerted effort to address these issues and I did not see that in the review,” he said. “What efforts are being made with the Bank of Ghana to bring the cost of living down?”