Adnan Adams Mohammed
Ghanaians have to prepare for a hyper inflation in coming months, as members of the Ghana Private Road Transport Union (GPRTU) is prepares to announce new transport fares across the country today, from Monday, 24 October 2022.
The Head of Communications of the Union, Mr Abass Ibrahim Moro, said this in an interview with the media.
He said the union was earlier targeting a 30 to 40 per cent increase in transport fares in parity with the recent rise in the prices of petroleum products. However, he assured the public that the fare hikes will be reasonable.
The fare increment is justified on the basis of fuel price hikes at the pumps.
Petrol has been selling at around GH¢13.10 while diesel is selling at GH¢15.99 at the pumps since last week.
Some analysts expect further increases as the demand for gas and fuel increases as winter approaches.
Fuel prices have gone up consistently since the beginning of the year, a situation many economists think has contributed greatly the skyrocketing inflation
Transport services is one of the major sectors of the economy that affect almost the entire economy. The slightest upwards price adjustment in the sector triggers inflation rise.
Already, inflation in the country is around 37.2% as at September.
