Ghana’s Minister of Finance, Dr. Cassiel Ato Forson, predicts a decline in the inflation rate to 8% ± 2% by year-end, down from 23.1%. This aims to address the worsening cost-of-living crisis. February’s inflation stands at 23.1%, reflecting a slight decrease attributed to food inflation, yet remains high historically.
Dr. Cassiel Ato Forson, Ghana’s Minister of Finance, has forecasted a decline in the nation’s inflation rate to 8% ± 2% by the year’s end. This prediction marks a significant reduction from the current inflation rate of 23.1%, representing a cut of approximately 13% to 15% in headline inflation. He articulated this during an online discussion on March 9, 2024, reaffirming the government’s dedication to stabilizing the economy amidst a rising cost-of-living crisis.
During his remarks, Dr. Forson acknowledged the worsening cost-of-living crisis and emphasized the urgent need for corrective measures. He noted that fundamental efforts would include fiscal discipline aimed at consolidating and stabilizing the national economy. “Our goal is to bring inflation down to 8% plus or minus (±) 2% by the end of the year,” he stated.
As of February 2025, Ghana’s inflation rate has shown a marginal decrease, settling at 23.1%, down from 23.5% recorded in January. This slight dip is attributed primarily to a sustained decline in food inflation, which Government Statistician, Prof. Samuel Kobina Annim, has observed over the past four months.
Despite the recent reduction, Prof. Annim indicated that February’s inflation rate remains the third-highest documented over the preceding ten months, highlighting the ongoing economic challenges facing the country.
In conclusion, Dr. Cassiel Ato Forson has projected a significant reduction in Ghana’s inflation rate, forecasting a target of 8% ± 2% by the end of the year. Despite recent improvements, challenges persist, especially concerning the cost-of-living crisis. A continued focus on fiscal discipline and economic stabilization will be essential to achieve these inflation targets.
Original Source: www.ghanaweb.com
