APA – Accra (Ghana)
The World Bank report that estimates that nearly 850,000 people in the country were pushed into poverty in 2022 due to rising food prices is one of the trending stories in the Ghanaian press on Friday.
The Ghanaian Times reports that the World Bank estimates that nearly 850,000 people in the country were pushed into poverty in 2022 due to rising food prices.
It also said food insecurity significantly increased with a quarter of the population, about 7.7 million people deemed to be food insecure by the end of 2022, adding that food insecurity would remain elevated till the end of the year.
This is contained in the 7th Ghana Economic Update report by the World Bank titled “Price Surge: Unravelling Inflation’s Toll on Poverty and Food Security.”
Authored by three economists of the World Bank, Kwabena Gyan Kwakye Economist, Paul Andres Corral Rodas, Senior Economist and David Elmaleh, Senior Economist, the yearly analytical report examined Ghana’s economic developments and prospects and this year’s report focused on the impact of inflation on the household.
“High inflation in Ghana in 2022 led to catastrophic effects on food security and poverty, rising inflation disproportionately affected the less well of, who allocate a larger share of their budget to food,” the report said.
It explained that farmers were susceptible to global fertiliser price fluctuations and most of the fertilisers used in the country were imported, adding that “Higher fertiliser prices contributed to more expensive locally produced goods which followed the trend of imported-stuffs.”
The report further highlighted that food inflation outpaced non-food inflation leading to worsened impacts for the country’s vulnerable populations.
“Since the poorest devote a larger share of their budgets to food and food is not easily substitutable, especially at subsistence levels, this leaves them more vulnerable to rising prices. Inflation eroded household purchasing power, with wages and salaries unlikely to keep pace with price increase,” it said.
The report indicated that the poorest 20 per cent of households devoted a higher share of their budget to food and were more affected by inflation and farming households did not benefit from high food prices, as they often produced for their own consumption, and faced increased input costs.
Among other suggestions, the report said that short-term measures should include flexible social protection programmes to support vulnerable households.
The bi-monthly cash grant given to beneficiaries of the Livelihood Em¬powerment Against Poverty (LEAP) programme has been increased by 100 per cent.
This means that one eligible member household would now receive GH¢128.00 instead of GH¢64.00 while two eligible member households would be paid GH¢150.00 instead of GH¢76.00.
Also, three eligible house¬hold members would now re¬ceive GH¢176.00 instead of the GH¢88.00, adding that a house¬hold with four or more eligible household members would receive GH¢212.00 instead of GH¢106.00.
Head of LEAP Management Secretariat, Dr Myles Ongoh said the increases in the grant by the government were necessitated by socio-economic challenges that had resulted in price hikes of goods and services.
Speaking at a sensitisation exercise on LEAP at Waychaw in the Wa West District, Mr Ongoh indicated that the increased payment would start from the 83rd and 84th cycles to ease the burden imposed on beneficiaries.
Dr Ongoh encouraged the beneficiaries to put the monies given them into profitable ventures to enhance their living conditions and welfare.
“I urge all beneficiaries to continually invest their cash grant into profitable businesses such as trading, farming, and use it for medical treatment, school fees, feeding, among others,” he stated.
The Graphic reports that the Ghana Journalists Association (GJA) has described attacks against journalists and media practitioners as terrorism and, therefore, called on the Ministry for the Interior and other relevant agencies to investigate and prosecute the culprits.
The President of the association, Albert Kwabena Dwumfour, said at a press conference in Accra that the call was necessitated by the significant increase in attacks on journalists and media practitioners in the discharge of their duties mostly by security personnel.
“As you may all be aware, the attacks on journalists have become so rampant that the GJA cannot be silent on them as our colleagues continue to suffer such inhumane treatment,” he said.
He lamented that the deteriorating press freedom and the violations that had been recorded over the past year made them pessimistic regarding the country’s performance in the next ranking of global media freedom.
The most recent, he noted, was an attack on the Upper West Regional Correspondent of the Ghana Broadcasting Corporation (GBC), Sualah Abdul-Wahab, who allegedly received a death threat from an Immigration officer when he was travelling from Wa to Bolgatanga on a commercial bus to attend a workshop on climate change.
Another case, the GJA President said, was an alleged attack on the Ashanti Regional Correspondent of GBC, Nicholas Osei-Owusu, by some military personnel for taking a video of the said officers who fired warning shots to disperse a mob on the premises of the Obuasi Central Police Station.
“A few weeks ago in Ashaiman, Angel FM’s Tema Regional Correspondent, Augustine Ahiabor, was assaulted and his phone smashed by residents of Ashaiman Lebanon Zone 2 just for taking a picture of a toilet facility in a compound that had collapsed on people,” he added.
Mr Dwumfour said the association had already petitioned the security agencies, including the Comptroller General of Ghana Immigration Service, Takyi Assuah, and the military hierarchy for swift sanctions to be imposed on the officers involved.
The newspaper says that the Standard Chartered Bank Ghana PLC is not impacted by the agreements for the sale of its shareholding in its subsidiaries in four selected African countries.
The agreements strictly cover Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroun, its Consumer, Private and Business Banking business in Tanzania, and two West African countries, The Gambia and Sierra Leone.
A joint release issued after the agreement was signed at Standard Chartered’s Headquarters in London with Access Bank Plc (Access) said each transaction was subjected to the approval of the respective local regulators and the banking regulator in Nigeria, the home country of Access Bank Plc.
“We remain committed to serving our clients in Ghana and supporting them to achieve their ambitions,” a spokesperson for the bank told the Daily Graphic yesterday.
The international banking Group’s Chairman, José Viñals, who was in the country for a two-day business visit, re-affirmed Standard Chartered Bank’s commitment to Ghana.
During a courtesy call on President Nana Addo Dankwa Akufo-Addo, he reiterated the group’s continuous dedication to doing business in Ghana.
Mr Viñals stated that the country continued to be a key market for Standard Chartered and would continue to receive positive attention and investment from the Group.
The Group Chairman stated that there remained varied opportunities and prospects in Ghana and the bank would continue to support the country to drive business and economic growth.
GIK/APA
Ghana: Press zooms in on report that 850,000 Ghanaians are impoverished, others
