Recent downward trend in inflation signals economic growth rebound – Ofori-Atta

The Minister of Finance, Ken Ofori-Atta, has said recent figures on Ghana’s inflation rate trending downwards signals a rebound of economic growth, accompanied by exchange stability and interest rates softening.

On December 14, 2023, the Ghana Statistical Services (GSS) reported that the country’s inflation had slowed down to 26.4% in November 2023, from 35.2% in October 2023.

Speaking at an end-of-year cocktail event for the Bank of Ghana, the finance minister said “in effect, the Bank and the Treasury's collaborative efforts have halved inflation (from 54.1% in December 2022) in under 12 months.

“But while it is welcome news that prices are no longer rising as quickly, we know many people continue to face severe cost of living pressures. So, we must stay the course to continue to get inflation back down to single digits as quickly as possible.”

Ken Ofori-Atta also rallied for collaborative efforts to ensure that all hands are on deck towards the journey of economic transformation.

“Let's also not forget that the naysayers will not be abated on our shared journey toward economic transformation. We saw earlier in the year, for instance, how the publication of the Bank's 2022 Annual report led to a quite frankly timid debate about the competence of the Governor and the Bank's leadership team.

“Simply put, we have a lot of work ahead of us, and we cannot afford to lose our focus,” he emphasized.

He concluded that 2024 will be a period in which the government and citizens must continue to push boundaries, "work with equanimity, and dispel any cloud of nihilism to guarantee economic freedom and social mobility for all."

MA/AE

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