Fuel price hike unlikely to affect Ghana inflation - CNBC Africa

Fuel price hike unlikely to affect Ghana inflation

Western Africa

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“The signal is that there’s going to be some marginal uptake in transport prices. An increase really is going to be marginal and we don’t think that this should send inflation overboard, compared to the June inflation figure of 11.4 per cent,” Akligoh told CNBC Africa on Thursday. 

The county’s road transport operators have served notice to passengers and commuters to prepare themselves for higher transport fares. This is due to a hike in the price of petrol which will increase by 1.71 per cent, diesel went up by 1.27 per cent and liquefied petroleum gas saw an increase of 6.18 per cent.

“I think that our monetary policy in Ghana is really causing a bit of a hurdle now trying to keep currency stability and balance. I think that there’s little room for monetary policy to accommodate any serious increase and inflation, but the increase in transport prices is not very significant,” said Akligoh.

He added that the markets have not seen much change in the past few days but that could change in the coming weeks. 

“We have actually seen the market basically remaining a bit flat but clearly we have not seen any strong signal of a market correction. What we are waiting for now is the end of second quarter and then the impact that will have on the market.” 

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