Finance Minister, Dr. Cassiel Ato Forson, said the country is on track to bring inflation down to single digits by December—surpassing the government’s earlier projections—as macroeconomic conditions continue to improve.
Speaking in an interview with Joy News on Thursday following his Mid-Year Budget Review presentation to Parliament, Dr. Forson pointed to a steady decline in producer price inflation and broader macroeconomic stabilization as drivers behind the optimistic outlook.
“I am of the firm belief that by the end of the year we will be entering the single digit,” Dr. Forson said. “Based on the trajectory, we are now at 13.7%. The Producer Price Inflation moved from around 10% to 5.9% last month. If that trend continues, headline inflation should follow suit.”
Despite maintaining the government’s official year-end inflation target of 11.9%, as outlined in the budget review, the Minister said he believes the goal could be achieved ahead of schedule. “We’ll be achieving our target earlier than planned,” he added.
Dr. Forson’s remarks come amid signs of a broader economic recovery, with the budget review citing strong GDP growth in the first half of the year, improved fiscal metrics, and strengthened international reserves. The government has also credited recent monetary policy tightening and exchange rate stabilization for anchoring inflation expectations.
Ghana’s inflation, which peaked above 50% in 2022 amid a broader economic crisis, has gradually eased following a $3 billion support program with the International Monetary Fund and a series of fiscal and monetary reforms.
