Ghana’s Finance Minister Dr. Cassiel Ato Forson forecasts a reduction in inflation to 8% ±2% by the end of the year from 23.1%. This project aims to address worsening cost-of-living issues through fiscal discipline. February’s inflation has slightly declined but remains high, with food inflation being a key factor.
Dr. Cassiel Ato Forson, Ghana’s Minister of Finance, has forecasted a reduction in the nation’s inflation rate to approximately 8%, with a margin of ±2%, from the current rate of 23.1%. This projection signifies a notable decrease of 13% to 15% in the headline inflation by the year’s end. During an X Space discussion on March 9, 2024, he emphasized the government’s efforts to stabilize the economy amid the prevailing cost-of-living crisis.
Dr. Forson stated, “There is a significant cost-of-living crisis, and it is getting worse. We need to take steps to reverse this trend. Some of the measures include stabilising and consolidating the economy through fiscal discipline to ensure economic stability. Our goal is to bring inflation down to 8% plus or minus (±) 2% by the end of the year.” The recent inflation rate for February 2025 shows a slight decline to 23.1%, down from 23.5% in January, primarily influenced by lower food inflation.
Government Statistician Prof. Samuel Kobina Annim revealed that the recent drop in inflation can be attributed to a consistent reduction in food prices over the last four months. Despite this positive trend, he cautioned that the February annual inflation remains the third-highest recorded in the past ten months. As the government advances its economic stabilization agenda, these developments will be closely monitored to assess their impact on consumer prices.
In summary, Ghana’s Finance Minister Dr. Cassiel Ato Forson anticipates a significant reduction in the country’s inflation rate, aiming for 8% ±2% by year-end, following an increase in food price stabilization efforts. Despite recent decreases, inflation remains high, necessitating continued governmental intervention and fiscal discipline to remedy the ongoing cost-of-living crisis that affects many citizens.
Original Source: www.ghanaweb.com
