The Minister of Finance, Dr. Mohammed Amin Adam, has predicted Ghana’s inflation rate to hit 15% by the end of 2024.
Speaking at a town hall meeting organized by the Ministry of Information at the GNAT Hall in Accra, the Minister said the government has put measures in place to help manage inflation despite economic challenges.
He noted that the government has achieved significant reductions in inflation rates since taking office in 2017. He said the NPP government has managed to record a single-digit inflation rate of 9.4% in 2018 and 7.9% in 2019, a historic feat of two consecutive years of single-digit inflation.
However, he asserted that the Russian-Ukraine war led to a global rise in inflation, affecting Ghana’s rate, which peaked at 54% in 2022, coupled with other economic breakdowns.
The Minister emphasized that in 17 months, the country has crossed more than half of its inflation from 54 percent to 22 percent, citing the determination to end the year with an inflation rate of 15 percent, putting in place all the necessary economic indicators.
He also projected a single rate inflation come next year if the NPP wins power at the December polls, comparing the current inflation rate to that of the previous National Democratic Congress administration, which recorded inflation rates of 17.7% in 2015 and 15.4% in 2016.
The Finance Minister maintained that the NPP government are better off in managing the economy at all levels.
