We will bring inflation down to 15% by end of 2024 – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has assured that the government will work to ensure that inflation reduces to 15% by the end of 2024.

He also stated his optimism over the fact that by the end of 2023, inflation will reduce.

Currently, the inflation rate stands at 38.1 percent as of September 2023.

The President made the statement when he met with the Christian Council of Ghana at the Jubilee House.

“The signs are becoming clearer and clearer, the very high rate of inflation that we suffered last year is coming down. By the end of this year, we will be looking at 26.7 percent. By the end of next year, we will bring it down to 15. We have to go down to the single digits,” he stated.

The President earlier this week noted that Ghana still remains the second biggest economy in West Africa despite the country's current challenges.

Speaking at the presidential breakfast meeting on Agriculture and Agribusiness financing in Accra, on October 16, 2023, the president urged banks to increase their lending to the private sector.

He said “The poor credit culture is something we need to look at very seriously in Ghana. To hear the statement that the level of credit that has come from our financial system to our price sector is one of the lowest in West Africa is also a very disturbing phenomenon. We are lower than Senegal, Cote d’Ivoire, and others, all of this is against the background that we are still the second biggest economy in West Africa.”

He emphasized the fact that people tend to forget Ghana’s credentials on the continent, however, if the current rate of credit increased even marginally, Ghana would do better.

Akufo-Addo added “There is a tendency for a lot of people to forget that in spite of all the challenges before the Ghanaian economy, we are the second biggest economy in West Africa. Even with that situation if the amount of money that goes from the banks to the private sector is the lowest in West Africa, my mind boggles, that if these figures were to rise a little bit the transformation that it would bring to our GDP growth, so we need to look at that.”

SSD/DAG

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