Ghana’s Inflation Rate Projected to Reach 8% by Year-End, Says Ato Forson
Ghana’s Minister of Finance, Dr. Cassiel Ato Forson, forecasts a reduction in the inflation rate to 8% ± 2% by year-end from 23.1%. This reflects a commitment to addressing the cost-of-living crisis through economic stabilization measures. The February inflation rate slightly declined to 23.1%, driven by decreasing food inflation, yet remains significantly high historically.
Dr. Cassiel Ato Forson, Ghana’s Minister of Finance, has projected a significant reduction in the country’s inflation rate, anticipating it to decrease to 8% plus or minus (±) 2% by the end of the year, down from the existing rate of 23.1%. This projection indicates a reduction in headline inflation by approximately 13% to 15%.
During an X Space discussion held on March 9, 2024, Dr. Forson articulated the government’s commitment to stabilizing the economy and tackling the prevailing cost-of-living crisis. He stated, “There is a significant cost-of-living crisis, and it is getting worse. We need to take steps to reverse this trend… Our goal is to bring inflation down to 8% plus or minus (±) 2% by the end of the year.”
Reports indicate that Ghana’s inflation rate for February 2025 experienced a slight decline to 23.1%, down from 23.5% in January. This shift was primarily attributed to a reduction in food inflation over the past four months, as explained by Government Statistician, Professor Samuel Kobina Annim.
Despite the observed decrease, Professor Annim noted that the February inflation rate remains the third-highest recorded over the last ten months, underscoring the ongoing economic challenges faced by the nation.
In summary, Ghana’s finance minister anticipates that the inflation rate will significantly drop to around 8% by year-end, addressing the pressing cost-of-living issues. Recent data shows a slight decline in inflation, primarily driven by food prices; however, the overall rate remains historically high. Continued efforts toward fiscal discipline and economic stabilization are deemed essential for achieving these objectives.
Original Source: www.ghanaweb.com