Stagflation of Ghanaian economy: Gov’t must proactively solve self-created problem – PNC

The People’s National Convention (PNC) says the challenges with the Ghanaian economy require urgent action by the government.

According to the party, the government is responsible for the current situation and must take action and must proactively work to address it.

The party in a statement said the country is suffering from stagflation, a situation of rising inflation and slow economic growth.

Read the PNC’s statement below.

The current economic hardship of our country is enough to describe realities of Ghanaians today as a country that has hit a stagflation economy.

Stagflation is said to hit an economy that has slow economic growth, where joblessness coincides with rising inflation.

These components can be said to be factors to consider in a stagflation economy.

(1) Increase in petroleum prices

(2) High level of unemployment

(3) High cost of living.

(4) Failure to increase wages/salaries.

(5) High cost of doing business.

Fuel prices keep rising at the pumps every day, with its concomitant effect on transport fares; prices of food and general goods and services in the country keep skyrocketing.

The price of fuel in Ghana today remains one of the highest in Africa.

Food prices keep springing up due to weak economic and agricultural policies that have over the years failed to meet the needs of Ghanaians.

The Ghanaian youth is unable to meet his/her daily responsibilities because wage/salaries have over the years been stagnant, hence contributing to economic challenges.

The unemployment rate has skyrocketed because government have no realistic and sustainable solution to mitigate the challenge of unemployment and joblessness.

It is no doubt that our country Ghana has reached a stage of economic stagflation.

Government’s over reactive strategy in solving the needs of the ordinary youth is a major problem that needs to be tackled.

Unemployment has hit its peak and government is not responding properly to help mitigate the situation.

It is sad to have a strong and a large number of brilliant youth force who qualify to be part of the work force but are jobless because successive government have failed to deliver on their promises.

The Ghanaian youth is unable to meet his/her daily needs and authorities must quickly act on it.

Unfortunately, the wages of the working class do not meet their daily expenditure as goods and services have become very expensive.

The country has lost access to the international capital market due to unsustainable debt position.

The solution simply lies on the doorsteps of government but one cannot fathom why we’re still where we are.

The growing anger among Ghanaians, especially the youth is very dangerous and government must act proactively to solve this self-created menace.

source:Citi Newsroom