The Member of Parliament MP for Akim Swedru in the Eastern Region, Kennedy Osei Nyarko has expressed his optimism for Ghana’s economy to recover.
He assured the public that his government is working hard to restore the economy to a high rate of growth.
Mr. Nyarko’s recent comments is in relation to Ghana’s inflation rate that has dipped from 40.1% in August to 26.4% in November 2023.
“Inflation falls to 26.4% in November 2023. Gradually we will recover economically together. Our lives and standard of living will definitely improve for better soon,” Kennedy Osei Nyarko wrote on his official Facebook page.
He highlighted the importance of making tough choices during this process and praised government for policies and initiatives for tackling these issues.
Mr. Osei Nyarko assured Ghanaians that the administration is committed to upholding stability, promoting faster growth, and maintaining monetary stability.
He highlighted the decline in inflation from from 40.1% in August to 26.4% in November 2023 as a positive indicator of the country’s economic recovery.
Kennedy Osei Nyarko claims that a major factor in Ghana’s ongoing economic recovery has been the government’s swift implementation of strict fiscal and monetary policy measures since last year and in the first half of 2023.
He listed the benefits of these actions as robust growth, decreasing inflation, better fiscal and external balances, and a stable exchange rate.
The Consumer Price Index (CPI) figures for the year ended on Thursday, December 14th, showed that non-food inflation was at 21.7 percent and food inflation was at 32.2 percent.
Professor Samuel Kobina Annim, the government statistician, highlighted the rates and stated that Greater Accra had the lowest inflation rate at 19.8% and the Western area had the highest at 39.8%.