Inflation has been cut in half in less than a year; let’s get a single-digit – Ofori-Atta urges BoG

Finance Minister Ken Ofori-Atta expressed appreciation for the successful collaboration between the Treasury and the Bank of Ghana, resulting in a significant reduction in inflation from its peak of 54.1% to 26.4%.

During the Bank of Ghana’s End-of-Year Cocktail, Mr. Ofori-Atta emphasized the joint effort to reset the financial architecture, stating, “Despite the challenges of the past three years, we have turned the corner toward a more resilient and transformed economy.”

Acknowledging the collective effort in managing the Bank of Ghana’s balance sheet, he remarked, “Amidst these trials, our united front has been nothing short of heroic.”

Highlighting the positive economic indicators, Mr. Ofori-Atta cited the Ghana Statistical Services (GSS) report, stating, “In November 2023, inflation slowed to 26.4% from 35.2% in October 2023.” He added, “Effectively, the collaborative efforts between the Bank and the Treasury have halved inflation in under 12 months, from 54.1% in December 2022.”

While pleased that prices are no longer rising rapidly, he acknowledged the continued financial challenges faced by many. He emphasized the need to persevere in the ongoing efforts to bring inflation back down to single digits, stating, “Our work is crucial not only for the present but also for the future of Ghana.”

Looking ahead, Mr. Ofori-Atta envisioned 2024 as a period to “push boundaries, work with equanimity, and dispel any cloud of nihilism.” He expressed confidence that, despite the ongoing journey requiring perseverance and unity, Ghana will not only overcome challenges but also progress towards a more prosperous future, ensuring economic freedom and social mobility for all.