38.1% inflation: Down we go; support govt to bring back economy stronger and better – Ahiagbah

The Director of Communications for the New Patriotic Party (NPP), Richard Ahiagbah, has applauded the impressive drop in Ghana’s inflation rate, which decreased from 40.1% in August to 38.1% in September. Ahiagbah called on citizens to support the government in its efforts to strengthen and improve the economy.

The Government Statistician, Professor Samuel Kobina Annim, announced the decline in inflation during a press conference in Accra. He attributed this decrease to lower prices in both food and non-food items. Food inflation fell from 51.9% in August to 49.4% in September, while non-food inflation dropped from 30.9% to 29.3%.

The announcement followed comments by the International Monetary Fund (IMF) stating that Ghana’s economic recovery is exceeding expectations, with improvements in macroeconomic stability and increased international reserves. While the inflation rate remains high, it is on a downward trend, and experts predict ongoing economic recovery.

Analysts and government officials, including the Director of the Institute of Statistical, Social, and Economic Research (ISSER) at the University of Ghana, Professor Peter Quartey, have noted that the nation’s economic indicators are showing signs of improvement. The collaboration between Ghana and the IMF has been productive, leading to positive outcomes for the nation’s economy.

The Ghanaian government remains committed to achieving macroeconomic stability and sustainable growth. Ghanaian authorities emphasize the importance of sustaining this positive economic performance and are dedicated to implementing reforms and prudent policies to ensure continued progress. While challenges may arise, the government is focused on achieving the full benefits of its economic program.

The Bank of Ghana’s Governor, Dr. Ernest Addison, expressed his gratitude for the IMF’s constructive engagement in discussions related to fiscal policy, monetary policy, and structural reforms. Dr. Addison acknowledged the decisive measures taken by the government and the Bank of Ghana, which have already started yielding results. These measures have contributed to economic turnaround, and Ghana is determined to maintain and consolidate its economic gains.

While the government remains dedicated to reforms and prudent policies, it will continue to maintain a tight monetary policy stance until it is confident that inflation is firmly anchored and aligned with the agreed disinflation path in the program. The collaboration with the IMF has been a significant step towards achieving Ghana’s economic recovery goals, and the nation’s commitment to progress remains unwavering.

In conclusion, the drop in Ghana’s inflation rate is an encouraging sign of economic improvement, and ongoing support and commitment are essential to ensuring a stronger and more resilient economy. The collaborative efforts of Ghana and the IMF are making a positive impact, and the nation is eager to sustain these gains.