Prime News Ghana

Inflation is dropping, it's evident we've turned the corner - Ofori-Atta

By Vincent Ashitey
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The Finance Minister, Ken Ofori-Atta in his mid-year budget review in July stated that Ghana's 'economy is showing signs of recovery' after experiencing severe economic hardship in 2022.

This statement attracted widespread condemnation when he lauded Ghana’s economic progress.

During the 2024 Mid-Year Budget Review presented in Parliament on November 15, Ofori-Atta reiterated that the NPP administration have turned the economic situation of the country around and is evident for all to see.

He stated that the country’s inflation has started declining because the economy is doing well. 

Due to this, companies are hiring workers and the banking industry has also started to record and report profits after-tax growth.

“In the midyear review, I informed the House that we have started turning the corner, and it is evident today. We turned the corner when inflation started to decline from 54.1 percent in December 2022 to 35.2 percent in October 2023. We turned the corner when the 1 percent projected growth came to 3 percent in the first two quarters of this year. We turned the corner when the currency, which had been under severe pressure over the past two years, depreciated by a modest 6.4 percent in the past nine months compared to 53.3 percent during the same period in 2022.”

“The performance of the Cedi is also a reflection that confidence is back, revenues have improved, and that the recovery is indeed real and here to stay. We turned the corner when companies went back to the job market to hire workers, and we turned the corner when the banking industry started to record and report profits after-tax growth of GH¢6.2 billion this half-year.”

A Ghana Statistical Service (GSS) report on Tuesday, November 14 revealed that the country's inflation dropped for the third consecutive month.

In the said report it stated that the rate for October was 35.2 percent

This represented a 2.9 percentage point decrease from the 38.1% recorded in September.