We are determined to end the year with 15% inflation rate – Finance Minister

The Finance Minister, Dr. Amin Adam has said government is committed to reduce inflation to 15% by end of the year.

The inflation rate currently stands at 22% as of June this year. Speaking during a town hall meeting in Accra on Tuesday, August 6, 2024, Dr. Amin Adam said government intends to reduce inflation to a single digit if they continue to remain in government after December elections.

“But again see the efforts we have put in managing inflation in Ghana. In June this year, 17 to 18 months, we have brought inflation down to 22 per cent. In 17 months, we have more than half inflation from 54 per cent to 22 per cent and we are determined to end this year with an inflation rate of 15%.

“If this party continues in government next year, we are determined to bring inflation down to single-digit inflation next year,” he said.

He noted that the Akufo-Addo-Bawumia administration has achieved significant reduction in terms of inflation rate as compared to the previous NDC government.

According to him, government recorded inflation rate of 9.4% in 2018 and 7.9% in 2019 which he says was a historic feat of two consecutive years of single-digit inflation.

“Inflation, the rate of inflation, headline inflation in 2015 was 17.7 per cent. In 2016, it came to 15.4 per cent. In 2017 when we took government, inflation came down further to 11.7 percent.  A year later, in 2018, it became single-digit inflation at 9.4 percent. In 2019, we had a single digit of 7.9 per cent.

“Two consecutive years, the longest period a government has recorded a single-digit inflation. We have had single-digit inflation in the past, but for two consecutive years, 24 months of single-digit inflation was historic. Now when the Russian-Ukraine war started, again as I said, we saw global inflation growing and ours was also negatively affected. In fact, inflation went up to 54 per cent in 2022,” the Minister added.

The post We are determined to end the year with 15% inflation rate – Finance Minister first appeared on 3News.

Read Full Story