There are strong indications that the national economy is sinking at a very alarming rate. Figures published in the Statistical Service newsletter for February 2003 says that for the ”first time in many years”, the monthly increases in prices were in double digits.
According to the Statistical Service, the food and beverages sub-group showed an increase of 7.5 per cent, an indication of a rise in food prices.
Transport and communication registered an increase of 45.2 per cent; the Housing and utilities sub-groups 43.4 per cent. These were attributed to the recent increases in the price of petroleum products.
Other sub-groups which showed increases were miscellaneous goods, 7%; clothing and footwear, 4.9% and alcohol and tobacco, 4.6%.
Sources at the Bank of Ghana indicated that for the first time in many years, money supply has gone up by 50%.
Source: GhanaWeb
