Ghana’s inflation rate is projected to decline to 8% ± 2% within the year, down from 23.1%. This forecast aims to enhance economic stability amidst a rising cost-of-living crisis. Recent statistics show a minor decrease in inflation driven by lower food prices, yet concerns remain over persistent high rates.
Dr. Cassiel Ato Forson, Ghana’s Minister of Finance, has projected that the country’s inflation rate will decrease to 8% plus or minus (±) 2% by the end of the year, a significant drop from the current rate of 23.1%. This projection represents a reduction of approximately 13% to 15% in headline inflation, aimed at combating the ongoing cost-of-living crisis.
During an X Space discussion on March 9, 2024, Forson expressed the government’s dedication to stabilizing the economy and addressing rising living costs. He stated, “There is a significant cost-of-living crisis, and it is getting worse. We need to take steps to reverse this trend.” He emphasized the importance of fiscal discipline to consolidate the economy and stabilize inflation.
The inflation rate reported for February 2025 saw a slight decline, falling to 23.1% from 23.5% in January, predominantly influenced by a decrease in food inflation. Government Statistician, Prof. Samuel Kobina Annim, noted that the decline is due to a consistent reduction in food inflation over four months. Despite this drop, the February inflation rate remains one of the highest over the past ten months.
In summary, Ghana’s government, led by Dr. Ato Forson, is targeting an inflation rate reduction to 8% ± 2% by year-end, down from 23.1%. Despite recent small declines, inflation remains high, indicating ongoing economic challenges. Focused measures like fiscal discipline are essential for stabilizing the economy and addressing the cost-of-living crisis.
Original Source: www.ghanaweb.com
