Member of Parliament for Ajumako Enyan Essiam Constituency in the Central Region who is also a Ranking Member on Parliament’s Finance Committee, Hon. Dr. Cassiel Ato Forson has predicted 2022 as a year of economic misery and inflation.
According to him, Ghanaians need to brace-up for more hardship this year because prices of goods will be increased by at least 30%.
He also predicted that the Ghanaian cedi which is now trading at almost 6.5cedis to 1 US Dollar is likely to hit 7 cedis before end of 2022.
According to the Former Deputy Finance Minister, fuel prices set to go up by 18 pesewas this week is likely to go up again on account of the weak nature of the Ghanaian cedi.
He believes that the multiplicity of taxes and levies which are going to take effect by the end of January 2022 and the likeliness of interest rates going up again are among several factors that will make 2022 a year of economic misery and inflation.
According to him, Government will be borrowing heavily from the domestic market since the Euro bond market is closed to Ghana for, at least, the first half of 2022.