Finance Minister touts success in inflation battle
In a speech delivered at the Bank of Ghana End of Year Cocktail, Ken Ofori-Atta, Ghana’s Minister for Finance, lauded the collaborative efforts between the Bank of Ghana and the Treasury for effectively halving inflation in under 12 months.
From a staggering 54.1% in December 2022, inflation has significantly receded to 26.4% in November 2023, as reported by the Ghana Statistical Services (GSS).
While Ofori-Atta acknowledged the positive strides in curbing inflation, he underscored the persisting challenges faced by many citizens grappling with the burdensome high cost of living.
The Finance Minister stressed the imperative for both the BoG and the Treasury to remain steadfast in their commitment to drive inflation down to single digits at the earliest.
“We have a lot of work ahead of us, and we cannot afford to lose our focus,” asserted Ofori-Atta during his address.
Reflecting on the collaborative achievements spanning nearly seven years, the Finance Minister highlighted the remarkable milestones accomplished by the BoG and the Treasury.
From the establishment of the Consolidated Bank of Ghana (CBG) to the operationalization of the Development Bank and the successful mobilization of over $10 billion in the Eurobond market, these efforts have played a pivotal role in reshaping Ghana’s financial landscape.
Despite facing challenges over the past three years, Ofori-Atta expressed pride in the nation’s achievement in “turning the corner” towards a more resilient and transformed economy.
The Finance Minister’s optimistic tone underscored the collective determination to navigate the complexities and sustain the positive trajectory in Ghana’s economic recovery.
As the nation strives for economic stability, Ofori-Atta’s address signals a call to action for continued collaboration and unwavering focus on the ambitious goals set forth by the BoG and the Treasury.
