PRICES of basic consumables in Ghana have shot up as the New Year begins. Economic analysts say the increases have left basic commodities out of reach for the majority of citizens. The development comes at a time end-year inflation is above 13 percent. An Economist, Emmanuel Nii Abbey , said the constant depreciation of the West African second largest economy's currency against the US dollar, the Pound Sterling and Euro, was having a knock-on effect on the Ghanaian economy. According to him, as it stands now, more Ghanaian Cedis are needed to buy few dollars, which is not good for the Ghanaian economy. Despite Ghana's Gross Domestic Product (GDP) growth rate, which averages 7 percent since 2007, the economy is not able to contain the rising basic commodity prices in the country. Among commodities whose prices have gone up include milk, cookies and fruits. Traders are making brisk business as a result of the increases. When the Business Chronicle visited the Accra Central Business District over the weekend, traders were busily selling their wares in a happy mood. The New Year begun with showers of blessings because I sold more goods than same time last year, a provisions shop owner, Madam Abena Boateng said with smiles. She was quick to add: if the market continues like this, she will expand her business to other parts of the capital, saying: "I will also be able to pay my two brothers' fees at the university". A boutique's sales executive girl, Ms Jennifer Yeboah could not also hide her joy over the market boom as she told the newspaper that the New Year sales was better than the Christmas. She stated: "I sold more than was expected during the New Year festivity period". However, a mobile phones shop owner close to the Ghana Library Authority , Mujeeb Yakubu , said the market was nothing good to write home about.
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