Govts Efforts Lead to Fourth Consecutive Decline in Inflation Says Finance Minister

The Government’s consistent efforts to restore macroeconomic stability have resulted in a fourth consecutive decline in inflation, according to Finance Minister Ken Ofori-Atta.

In November, the inflation rate dropped to 26.4 percent, showcasing a significant diminish compared to the previous year.
Speaking at the dividend presentation of 30.89 million cedis by the Board of Twifo Oil Palm Plantation Limited, Ofori-Atta emphasized the tangible impact of these endeavors on the country’s economic landscape.

The Finance Minister praised the remarkable performance, stating, “We saw yesterday inflation came down to 26.4% which is literally where we were at 54 points sometime at the end of last year. So it is quite an impressive performance. And I know we have been through challenging 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.”

Ofori-Atta highlighted that Greater Accra experienced the slowest growth in inflation, indicating positive economic progress. However, he acknowledged that food inflation remained a concern, although it had decreased significantly from 44% to 32% during the measured period. He stressed the need for enhanced logistical movement to ensure effective supply chains within the country.

Deputy Minister of Finance, Abena Osei-Asare, urged State Owned Enterprises (SOEs) to strive for profitability while appreciating the government’s efforts to improve the business environment for sustainable growth.

Osei-Asare stated, “The government cannot persist 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 persist to work with you in partnership to make sure you sustain this growth that we are seeing at your end.”

The consecutive decline in inflation and other positive economic indicators reflect the government’s commitment to ensuring macroeconomic stability and fostering an environment conducive to sustainable growth and development.