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15.11.2002 Business & Finance

Inflation Is Still High – John Mahama

By PeaceFM
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The Director Of Communication of the NDC and the MP for Bole Bamboi, Hon. John Mahama has said that the much public assertion that inflation has gone down can only be meaningful if it is translated into improving the standards of lives of the people.

He noted that the situation where businessmen are complaining about high import duties and the masses finding it difficult to make ends meet can not be described as an economy which is experiencing low inflation rate. Mr Mahama said this at a seminar organised by the University of Ghana branch of the Tertiary Educational Institutional Network (TEIN) of the NDC in Accra. The theme for the seminar was “Social Democracy – Philosophy of the NDC, The Way Forward”.

Mr Mahama said the unfavourable national economy is not as a result of external shocks and added that the price of oil for instance has been reduced and the oil price of cocoa and gold are reasonably good. He therefore stressed that the problem is that of gross mismanagement and inefficiency on the part of the NPP government. On the debt that the NPP has been accusing the NDC to have left behind, Mr Mahama noted that part of the debt was incurred during the late Dr Busia's regime.

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