We are restoring macroeconomic stability – Ofori-Atta on Inflation drop

Finance Minister Ken Ofori-Atta attributes the consistent decline in inflation to the government’s dedicated efforts in restoring macroeconomic stability.

Inflation has dropped for the fourth consecutive time, with November recording a rate of 26.4 per cent.

During a dividend presentation of 30.89 million cedis to the government by the Board of Twifo Oil Palm Plantation Limited, Ofori-Atta emphasized the tangible impact of these endeavours on the economic landscape.

“We saw yesterday inflation came down to 26.4% which is literally where we were at 54 points some time at the end of last year. So it is quite an impressive performance. And I know we have been through difficult times, but you look at inflation being halved. We see our growth which was expected to be 1.5% double to 3%. And we look at currency depreciation which since February has been about 7.2% declined a bit.”

“The inflation also indicated that Greater Accra had the slowest growth inflation and that is good. Food inflation is still problematic but even that was down considerably from 44% to 32% this time. So the supply is not the problem but the logistical movement is what we need to get efficient about,” he said.

For her part, a Deputy Minister of Finance, Abena Osei-Asare also encouraged State Owned Enterprises to work to be profitable as the government continues to improve the business environment for growth

“The government cannot continue to invest in these companies, and whatever is due to the government won’t be given to the government. So we appreciate what you have done, and we ask that we will continue to work with you in partnership to make sure you sustain this growth that we are seeing at your end,” she said.