Ghana’s Inflation Expected to Decline to 26.7% by Year-End and 15% by 2024, Says President Akufo-Addo

In an address to the Christian Council of Ghana at the Jubilee House, President Nana Addo Dankwa Akufo-Addo delivered an optimistic outlook for the country’s economic future, predicting a significant reduction in inflation rates. Ghana is currently grappling with a high inflation rate of 43.1 percent. However, the President affirmed that his administration is actively implementing measures to stimulate economic recovery and curb inflation.

President Akufo-Addo expressed confidence in these efforts, stating, “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.” He went on to outline the long-term vision, declaring, “By the end of next year, we will bring it down to 15. We have to go down to the single digits.”

The President’s positive outlook on reducing inflation signifies the government’s commitment to stabilizing the country’s economy and fostering a climate of financial resilience. With concerted efforts and effective policies, Ghana aims to usher in an era of lower inflation rates, which will be closely monitored in the months and years to come.