Ghana’s Inflation Rate Expected to Fall to 8% by Year-End: Dr. Ato Forson
Dr. Cassiel Ato Forson predicts Ghana’s inflation to drop to 8% by year-end, from 23.1%. The government aims to address the cost-of-living crisis through fiscal discipline. The recent inflation report shows a slight decrease, driven by food inflation, but remains the third-highest in ten months.
Dr. Cassiel Ato Forson, Ghana’s Minister of Finance, has forecasted that the nation’s inflation rate will decrease to 8% plus or minus 2% by the end of the year, a significant reduction from the current rate of 23.1%. This projection indicates an estimated decline of 13% to 15% in overall inflation.
During an X Space discussion held on March 9, 2024, Dr. Forson highlighted the government’s dedication to stabilizing the economy and mitigating the ongoing cost-of-living crisis. He acknowledged the severity of the current situation, stating, “There is a significant cost-of-living crisis, and it is getting worse. We need to take steps to reverse this trend.”
To combat inflation, Dr. Forson outlined governmental measures focused on fiscal discipline to achieve economic stability. He reiterated, “Our goal is to bring inflation down to 8% plus or minus (±) 2% by the end of the year.”
In the most recent report, Ghana’s inflation rate for February 2025 has slightly decreased to 23.1%, down from January’s 23.5%. This decline is largely attributed to a consistent reduction in food prices over the preceding four months, noted by Government Statistician, Prof. Samuel Kobina Annim.
Although there is a noted decrease, Prof. Annim emphasized that February’s annual inflation rate remains the third-highest recorded in the past ten months, indicating ongoing economic challenges.
In summary, Ghana’s Minister of Finance, Dr. Cassiel Ato Forson, projects a significant decrease in inflation to approximately 8% by year-end. This forecast is part of the government’s broader strategy to address the worsening cost-of-living crisis and stabilize the economy. Despite recent improvements, the inflation rate remains notably high, underscoring ongoing economic difficulties.
Original Source: www.ghanaweb.com
