Ghana’s Finance Minister, Dr. Cassiel Ato Forson, predicts a drop in inflation to 8%±2%, down from 23.1%, by the end of the year. This commitment addresses the worsening cost-of-living crisis, with recent figures indicating a slight decline in inflation largely attributed to food prices. Despite improvements, the inflation rate remains historically high.
Dr. Cassiel Ato Forson, the Minister of Finance, has forecasted that Ghana’s inflation rate will fall to 8% plus or minus (±) 2%, a considerable reduction from the current rate of 23.1%. This projection represents a decline of approximately 13% to 15% in the overall inflation figure. His statements were made during an X Space discussion on March 9, 2024, where he reaffirmed the government’s dedication to stabilizing the economy amidst a pressing cost-of-living crisis.
Dr. Forson highlighted the severity of the ongoing cost-of-living crisis, stating, “There is a significant cost-of-living crisis, and it is getting worse. We need to take steps to reverse this trend.” He elaborated on the government’s plans to achieve economic stability through fiscal discipline, aiming for an inflation goal of 8% plus minus (±) 2% by year’s end.
The inflation rate for February 2025 has seen a minor decline to 23.1%, down from 23.5% in January, largely influenced by decreased food inflation. Professor Samuel Kobina Annim, the Government Statistician, noted that this decline can be attributed to a sustained drop in food inflation observed over the previous four months.
Despite this improvement, Professor Annim emphasized that the February inflation rate remains the third highest recorded in the past ten months, indicating that significant economic challenges still persist.
In summary, Minister Dr. Cassiel Ato Forson projects a reduction in Ghana’s inflation rate to 8% by year-end, down from 23.1%. This forecast reflects the government’s commitment to tackling the cost-of-living crisis through fiscal discipline. While recent data show a slight decline in overall inflation driven by food prices, further efforts are essential as the rate remains historically high.
Original Source: www.ghanaweb.com
