An economist, Dr Adu Owusu Sarkodie has said that Ghana’s economy is on the path of recovery but the cost of living is a major concern.
An increase in energy prices and other commodities is causing a rise in the cost of living, he said.
He noted that although the inflation rate is dropping, the current rate is still high. Inflation increased to 23.5% in January from December’s 23.2%.
January’s rate was the highest inflation rate since November 2023. Clothing and footwear prices rose at a quicker pace in January compared to the previous month, and price pressures for transport picked up pace.
“Since we are still in the IMF fiscal discipline will be ensured,” Dr Adu Sarkodie said while contributing to a discussion on the State of the Nation address to be delivered by the president.
He added, “The economy is on the path of recovery but the cost of living is the main concern of the population.”