A look at prices of goods and services as inflation hits 31.7%.

A vegetable market in Accra.

The prices of goods and services have witnessed an unprecedented spike in 2022.

According to data from the Ghana Statistical Service, inflation in July alarmingly reached 31.7%, the highest level since November 2003.

According to recent checks by GhanaWeb, the cost of food and other products and services have increased by more than a factor of two during the previous four months of this year.

Traders told GhanaWeb's Stella Dziedzorm Sogli that rising transportation costs and other external reasons were to blame for the price hikes.

Traders at the Lapaz New Market have outlined the effects of the price hikes on their businesses in this week's episode of BizTech.

“I have been selling these vegetables for a very long time and when I started, it was a very good business. We could buy a box for 200 cedis, which was very profitable. But in the past 6 months, when we go to the market, it is very unbearable; green pepper, cabbage, everything has become unbearable”, a vegetable seller said.

Poultry product vendors also voiced out their concern about the price of their products, blaming it to the rising cost of poultry feed and other inputs.

An egg seller stated that “The eggs are too expensive. I intend to stop selling them. When I buy eggs for 29cedis, I sell 5 for 5 cedi and I make a profit of 1 cedi. Also, when I buy the box for 400cedis, my profit is not even up to 15 cedi which is very expensive. Sometimes too, the eggs get broken before you come back so it's bad.”

To guarantee that the nation has some pricing stability in the coming days, the traders ask the government to decrease taxes on fuel.

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Source: ghananews.hrforum.uk