The Finance Minister, Dr Mohammed Amin Adam, has stated that the government’s pragmatic policies are effectively steering the economy in the right direction.
He highlighted how global shocks have exacerbated macroeconomic instability across Africa, leading to elevated levels of debt.
Dr Adam pointed out that Africa’s current debt-to-GDP ratio stands at 66%, surpassing that of others on the continent.
During the launch of the 2025 Africa Prosperity Dialogues, Dr Amin Adam underscored Ghana’s economic resilience, projecting a 15% inflation rate by the end of 2024.
“Growth ended 2023 at 2.9% above the target of 1.5%. Inflation halved in 12 months from 54% by the end of 2022 to 25% by April this year, and we are expected to move inflation further down to 15% by the end of this year,” he said.
Dr Amin Adam also forecasts that Ghana is poised to achieve single-digit inflation by 2027, indicating positive economic prospects for the country’s future.
The theme for the 2025 Africa Prosperity Dialogues is “Delivering Africa’s prosperity through infrastructure: Invest, integrate, connect.” Scheduled for January 2025, the event will take place in Ghana.
In April 2024, inflation in Ghana saw a slight decrease to 25.0% from the 25.8% recorded in March 2024, marking a 0.8% decline.
The Ghana Statistical Service attributed this slight decrease in inflation to a drop in food inflation, which registered at 26.8%, the lowest rate in 13 months. Meanwhile, non-food inflation stood at 23.5%.
However, non-food inflation experienced an uptick, rising to 23.5% in April 2024 from 22.6% in March 2024.
Furthermore, inflation rates for locally produced items and imported items were recorded at 25.7% and 23.5%, respectively.
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