Home News Ghana On Record As Having The Highest Food Inflation In The World – John Mahama

Ghana On Record As Having The Highest Food Inflation In The World – John Mahama

by Magdalene Abedi
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Ghana On Record As Having The Highest Food Inflation In The World - John Mahama

In a post on Facebook, John Dramani Mahama shows concern at the rate at which the Ghanaian economy is falling. These economic challenges include high inflation, a high level of state debt and heavy fluctuations in foreign direct investment.

John Dramani Mahama served as the President of Ghana from 24th July, 2012 to 7th January, 2017. He previously served as Vice President of Ghana from January 2009 to July 2012, and took office as president on 24th July 2012 following the death of his predecessor John Evans Fiifi Attah Mills.

His post states how Ghana is on the record as having the highest food inflation in the world at 122% even though Planting for Food and Jobs programme was implemented to minimise inflation rate. And how we are struggling with treasury bill rates of about 30% .

“Ghana is on record as having the highest food inflation in the world at 122%, notwithstanding the much touted but grossly mismanaged Planting for Food and Jobs programme. We are grappling with treasury bill rates of about 30% as local investors in our financial instruments suffer huge risks associated with lending to government. We are also experiencing massive reverse capital flows as investors lose what is left of their confidence in our economy and pull out in droves,” he stated.

Planting for Food and Jobs initiative was launched in 2017, is one example of such an evolved subsidy program. It’s goal was to create employment opportunities and reduce poverty yet, despite its scale and prominence, the current government monitoring and evaluation system is not well equipped to accurately assess its impacts.

Treasury bill rates have increased to about 30% within few months, leading to local investors suffering in the long run and reverse capital flows causing the movement of money for the purpose of investment or business operations to be channelled to “unimportant operations” leading to foreign investors losing their confidence in the Ghanaian economy and pulling out their investment.

Ghanaians also complaining bitterly under his post.

“God help our motherland Ghana!!!! When the wicked lead, the people suffer!” – Citizen Ayeebo

“Unfortunately many people are still in denial that nothing is going wrong. The country is in a big mess!” – Jonah Gobah.

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