Finance Minister, Dr. Mohammed Amin Adam, has projected that Ghana’s inflation rate will reach 15% by the end of 2024.
During a town hall meeting in Accra, he praised the Akufo-Addo-Bawumia administration for its efforts in managing inflation amidst economic challenges.
Dr. Amin Adam noted that, since taking office in 2017, the current government has significantly reduced inflation rates.
He compared the current situation to the previous National Democratic Congress administration, which recorded inflation rates of 17.7% in 2015 and 15.4% in 2016.
In contrast, the NPP government achieved single-digit inflation rates of 9.4% in 2018 and 7.9% in 2019, marking a historic achievement of two consecutive years of single-digit inflation.
Dr. Amin Adam acknowledged that the Russian-Ukraine war caused a global surge in inflation, which affected Ghana, pushing the rate to a peak of 54% in 2022.
However, he highlighted the government’s success in reducing inflation to 22% by June this year, cutting it by more than half in 17 months.
He expressed determination to lower the inflation rate to 15% by the end of the year and achieve single-digit inflation next year if the NPP remains in government.
“Inflation in 2015 was 17.7%. In 2016, it came down to 15.4%. When we took office in 2017, it further reduced to 11.7%. By 2018, we achieved single-digit inflation at 9.4%, and in 2019, it was 7.9%. Two consecutive years of single-digit inflation was historic.
When the Russian-Ukraine war began, global inflation rose, and ours peaked at 54% in 2022. But through our efforts, we brought it down to 22% by June this year. In 17 months, we reduced inflation by more than half, from 54% to 22%. We are determined to end this year with a 15% inflation rate. If the NPP continues in government next year, we aim to bring inflation down to single digits” Dr. Amin Adam added.