Dr. Cassiel Ato Forson, Ghana’s Minister of Finance, has projected an inflation reduction to approximately 8% by year-end, down from 23.1%. This was stated during an X Space discussion, where he highlighted the ongoing cost-of-living crisis and the necessity of fiscal discipline to stabilize the economy. Recent statistics show a slight inflation decrease driven primarily by food prices, yet the current rate remains significantly high.
The Minister of Finance, Dr. Cassiel Ato Forson, has forecasted that Ghana’s inflation rate will decrease to approximately 8%, with a margin of plus or minus 2%, by the end of this year. This prediction marks a significant reduction from the current inflation rate of 23.1%, suggesting a decrease of 13% to 15% in headline inflation.
During an X Space discussion held on March 9, 2024, Dr. Forson underscored the government’s dedication to stabilizing the economy and tackling the escalating cost-of-living crisis. He stated, “There is a significant cost-of-living crisis, and it is getting worse. We need to take steps to reverse this trend,” and emphasized that prioritizing fiscal discipline is essential for achieving economic stability.
Citing trends in the inflation rates, the latest data for February 2025 revealed a slight decline to 23.1% from the previous 23.5% in January, primarily attributed to falling food prices. Professor Samuel Kobina Annim, the Government Statistician, noted that this reduction in inflation has been ongoing for the preceding four months, yet warned that it remains the third-highest inflation rate observed in the past ten months.
In summary, Dr. Casiell Ato Forson’s projection indicates an ambitious goal to reduce Ghana’s inflation from 23.1% to around 8% by year-end, addressing the critical cost-of-living crisis and emphasizing fiscal discipline. Despite recent declines in inflation, challenges remain as the current rate is still notably high compared to historical data.
Original Source: www.ghanaweb.com
