July 12, 2024
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Akufo-Addo Predicts Inflation To Drop To 26.7% By End Of 2023

President Nana Addo Dankwa Akufo-Addo is predicting a reduction in the country’s inflation rate to 26.7% by the close of this year, 2023.

He also anticipates a 15% rate for the end of year, 2024.

“The signs are becoming clearer and clearer, the very high rate of inflation that we suffered last year is coming down. By the end of this year, we will be looking at 26.7%.”

“By the end of next year, we will bring it down to 15%. We have to go down to the single digits,” the President stated.

The president reiterated the government’s commitment to revive the economy and tame inflation.

Ghana’s current inflation rate stands at 38.1% from the 40.1% recorded in August 2023.

According to figures from the Ghana Statistical Service in September 2023, both food and non-food inflation dropped.

Whilst food inflation declined to 49.4% from the 51.9% recorded in August 2023, non-food inflation also decreased to 29.3% from the 30.9% recorded in August 2023.

President Akufo-Addo was speaking at a meeting with the Christian Council of Ghana at the Jubilee House.

High inflation declines the purchasing power of people as they pay more for the same goods and services.

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