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Annual inflation rate rises to 11.3 per cent
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The year-on-year inflation rate increased to 11.3 per cent in May up from 10.6 percent in April as a result of increase in food prices.
The rate rose by 0.7 percentage points from the 10.6 percent recorded in April, Professor Samuel Annim, Government Statistician, said on Wednesday.
The month-on-month inflation between April 2020 and May 2020 was 1.7 percent.
The food and non-alcoholic beverages division recorded a year-on-year inflation rate of 15.1 per cent, up 0.7 percentage points over the 14.4 per cent recorded in April.
Food contributed nearly 60 percent of the year-on-year inflation in April 2020.
“This translates to food being the predominant driver of year-on-year inflation,” Prof Annim said.
The average non-food inflation stood at 8.4 percent.
At the regional level, the overall year-on-year inflation ranged from 3.1 per cent in the Upper East Region to 13.3 per cent in Greater Accra.
The inflation of imported goods was 4.8 per cent, while the inflation of local goods was 14.1 per cent on average, the highest rate of local inflation, and the lowest rate of imported goods inflation since the rebasing in August 2019.
Month-on-month inflation for imported goods was 0.8 per cent, while month-on-month inflation for local goods was 2.1 per cent. The main contributor to local inflation was the inflation of locally produced foods.
GNA
Over 20 structures built within the 50-metre buffer zone of the Kpeshie Lagoon at the Laboma Beach Resort in the La Dade-Kotopon Municipality were on Sunday demolished by the Greater Accra Regional Coordinating Council (GARCC).
Buildings such as single-unit semi-detached under construction and completed chalets at the resort were pulled down while portions of a newly constructed perimeter wall were also demolished. Read More
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About 120 golfers from clubs across Ghana participated in an 18-hole competition, dubbed ‘MTN 30th Anniversary CEO Invitational Golf Tournament’ held at the Achimota Golf Club on Saturday.
At the end of the hectic day, Frederick Semenu Duvor won the Men’s Group A event with 39 points, while Julienne Afi claimed the Ladies’ Group A title with the same score.
Yaw Mireku Jnr. won the Men’s Group B with an impressive 45 points, while Kous Louanges Mang took the Ladies’ Group B title with 38 points.
Kofi Mangesi won Men’s Group C with 40 points while Elorm R. Akuash Bonney claimed the Ladies’ version with 42 points.
In the Seniors Division, Jan Vogel emerged winner of the men’s category with 39 gross, while Helen Appah topped the ladies’ category with 44 gross.
Addressing participants, the company’s Board Chairman, Mr Ishmael Yamson, urged the company to approach its next phase with the same resilience, discipline and determination that have defined its success over the past three decades.
He drew a striking parallel between the game of golf and MTN Ghana’s three-decade journey, describing both as long games in which success depends less on one spectacular moment than on consistency, patience, judgment and the ability to recover from setbacks.
He said, golf had taught him a lesson that extended far beyond the fairways, thus, a round cannot be won on the first hole.
In golfing terms, he said, MTN Ghana had encountered its share of regulatory bunkers, competitive hazards and unexpected storms that had forced the company to pause, reassess and change its approach.
But those challenges, he suggested, were part of the journey rather than reasons to abandon it.
By Andrew Nortey
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