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Dr. Mohammed Amin Adam, Finance Minister and Member of Parliament for Karaga, has projected that Ghana’s inflation rate will reach 15% by the end of 2024. Speaking at a town hall meeting in Accra, he highlighted the Akufo-Addo-Bawumia administration’s success in managing inflation despite significant economic challenges.
Dr. Amin Adam noted that the current government has made notable strides in reducing inflation since taking office in 2017. He compared this to the previous National Democratic Congress (NDC) administration, which recorded inflation rates of 17.7% in 2015 and 15.4% in 2016. In contrast, the New Patriotic Party (NPP) government achieved a single-digit inflation rate of 9.4% in 2018 and 7.9% in 2019, marking two consecutive years of single-digit inflation.
However, the global surge in inflation due to the Russian-Ukraine war affected Ghana’s inflation rate, which peaked at 54% in 2022. Despite this, Dr. Amin Adam stated that the government’s efforts have successfully reduced inflation to 22% as of June this year, a reduction of over half in 17 months.
Dr. Amin Adam expressed confidence in ending the year with an inflation rate of 15% and achieving single-digit inflation next year if the NPP remains in government.
“In 2015, headline inflation was 17.7%. In 2016, it was 15.4%. When we took office in 2017, inflation decreased further to 11.7%. A year later, in 2018, we achieved single-digit inflation at 9.4%. In 2019, we maintained a single-digit rate of 7.9%.”
“Two consecutive years of single-digit inflation was a historic achievement. However, the Russian-Ukraine war led to global inflation increases, impacting Ghana and causing inflation to rise to 54% in 2022.”
“Through our efforts, inflation was brought down to 22% by June this year. We have more than halved inflation in 17 months and are determined to end this year with an inflation rate of 15%. If this party continues in government next year, we aim to achieve single-digit inflation,” he stated.
