Long may the drop in inflation continue – Theo Acheampong

An Economist, Theophilus Acheampong has expressed joy over the latest rate of inflation announced by the Ghana Statistical Service.

He noted that he hopes that this trend continues until the country attains a single-digit inflation.

According to him, as part of the conditionalities of the International Monetary Fund, the central target by the end of this year should range between 29.4% (31.4% upper band to 25.4% lower band range), therefore recording 26% in November is good news.

He wrote on X after the announcement: “Some bit of good news. Long may the drop in inflation continue until we reach single digit. One of the conditionalities under Ghana's @IMFNews programme was to get inflation down to a central target of 29.4% (31.4% upper band to 25.4% lower band range) by the end of this year. With this latest announcement by @GV_Statistician, the government is on course to meet this key programme criteria by year-end.”

Ghana’s inflation rate for November this year declined significantly to 26.4 percent from an earlier 35.2 percent recorded in October 2023.

This is according to recent figures released by the Ghana Statistical Service (GSS) for the period which attributed the drop in the rate of increase as some prices of food items such as Vegetables, Cereals, and Fish reduced on the basket.

The year-on-year food inflation stood at 32.2 percent while non-food inflation was pegged at 21.7 percent for the period.

Government Statistician, Kobina Annim also highlighted the “Base Rate Effect” as a contributor to the decline and aggressive monetary policy tightening measures adopted by the Bank of Ghana.

SSD/MA

Some bit of good news. Long may the drop in inflation continue until we reach single digit. One of the conditionalities under Ghana's @IMFNews programme was to get inflation down to a central target of 29.4% (31.4% upper band to 25.4% lower band range) by the end of this year.… pic.twitter.com/7SxAh3lZ00

— Theo Acheampong, PhD (@mytheoz) December 14, 2023

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