The Ranking Member on Finance in Parliament, Casiel Ato Forson, has predicted that Ghanaians will experience ‘Economic Misery and inflation’ this year.
He is therefore entreating Ghanaians to brace-up for more economic hardship.
In a Facebook post, the former Deputy Finance Minister said prices of goods will be increased by at least 30%.
“Unfortunately, the Akufo-Addo/Bawumia Government has reversed the discount on all items using Benchmark values effective today.
“Please Expect Prices of Goods such as Rice, Sugar, pharmaceuticals, cement, roofing sheets to go up by at least 30% effective today,” he disclosed in an earlier post on the grounds of a statement released by the Ghana Revenue Authority on the removal of reduction of value on imports and selected items.
The Member of Parliament for Ajumako Enyan Essiam Constituency disclosed that the Ghanaian cedi now trading at almost 6.5cedis to 1 US Dollar is likely to hit 7 cedis before end of the year.
Explaining further, he said fuel prices are to go up by 18 pesewas this week.
“Multiplicity of taxes and Levies to take effect by End of January 2022. Interest Rates likely to go up again.
“Government will be borrowing heavily from the domestic market since the Euro bond market is closed to Ghana for, at least, the first half of 2022,” the MP reiterated.
