An activist of the ruling National Democratic Congress (NDC) Mr Felix Ofosu Kwakye as observed that the Mills-led administration�s ability to obtain a single figure inflation is a clear testimony of economic stability in the country.
He said the drop of the inflation rate to 8.5% from the 18.5% the government inherited from the opposition New Patriotic Party (NPP) is the lowest in the country�s economic history.
The Ghana Statistical Service (GSS) in their June 2011 Consumer Price Index (CPI) survey announced a drop in inflation rate to a record 8.5 per cent. The current inflation of 0.85% is the percentage change in the CPI between May 2011 and June 2011.
The Consumer Price Index (CPI) measures the average price level relative of goods and shows by how much the average price level rose.
Speaking on Asempa FM on Wednesday, Felix Ofosu Kwakye opined that the prudent economic management by the government enable it to achieve a single digit inflation making the NDC good economic managers.
He said government is committed to pursuing a job-creation economic growth agenda to remove Ghanaians especially the youth out of poverty.
Felix Ofosu Kwakye observed that, inflation under the erstwhile Kufour-led administration reached 18.1% in 2008 as a result of excessive spending by the NPP. He rubbished claims by the NPP that drop in the inflation rate is as a result of the oil exports and the lack of spending on the part of the government.
The NDC activist explained that the revenue from the oil exploitation is not enough to stabilize the inflation rate of the country. He conceded that they may be marginal increases in the prices of goods and services even though inflation have decreased but it does not mean there is high cost of living.
Felix Ofosu Kwakye took a swipe at the NPP who as part of their campaign strategy to unseat the NDC has created despondency among Ghanaians on the coat of living in the country just to win their sympathy.
Meanwhile, Samuel Abu Jinapor who represented the NPP on the programme challenged Felix Ofosu Kwakye on his claims.
According to him,unemployment, education now a luxury commodity and poverty has become the order of the day with people struggling to afford three square meal a day since the NDC took office. Abu Jinapor urged the government to implement policies that would alleviate to deplorable economic situation in the country.
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