Dr. Cassiel Ato Forson projects Ghana’s inflation rate to fall to about 8% ±2% by year’s end, down from 23.1%, indicating a 13% to 15% reduction in headline inflation. He discussed this during an X Space forum, emphasizing measures to combat the ongoing cost-of-living crisis. February 2025 saw a minor fall in inflation primarily due to food price reductions, although the rate remains among the highest for the past ten months.
Dr. Cassiel Ato Forson, Ghana’s Minister of Finance, has projected that the country’s inflation rate will decrease to approximately 8%, with a margin of ±2%, by the end of the fiscal year. This forecast represents a significant reduction from the current rate of 23.1%, indicating an expected drop of 13% to 15% in headline inflation. He outlined this projection during an X Space discussion held on March 9, 2024, emphasizing the government’s dedication to economic stabilization amidst a rising cost-of-living crisis.
During the discussion, Dr. Forson highlighted the severe cost-of-living crisis affecting citizens, stating, “There is a significant cost-of-living crisis, and it is getting worse. We need to take steps to reverse this trend.” He proposed measures aimed at consolidating and stabilizing the economy through fiscal discipline as a means to restore economic stability.
The inflation rate for February 2025 has shown a slight reduction to 23.1%, down from 23.5% recorded in January, predominantly influenced by declining food inflation. Professor Samuel Kobina Annim, the Government Statistician, reported that this decrease is attributed to a steady drop in food inflation observed over the preceding four months. Despite this slight decline, he cautioned that the February annual inflation rate remains one of the highest recorded over the last ten months.
In summary, Dr. Ato Forson’s optimistic prognosis for a lowered inflation rate is indicative of governmental efforts to stabilize the economy and ease financial burdens on citizens. The continuing monitoring of food prices, which significantly influence inflation rates, remains crucial for achieving these economic goals.
In conclusion, Dr. Cassiel Ato Forson’s projections regarding a reduction in Ghana’s inflation rate to around 8% by year-end reflect the government’s proactive stance on economic stabilization. Despite current challenges with inflation, particularly due to the cost-of-living crisis, the government’s commitment to fiscal discipline and economic measures positions it to potentially achieve these objectives. Continuous monitoring of inflation dynamics, especially food prices, will be necessary to navigate toward these goals effectively.
Original Source: www.ghanaweb.com
