Finance Minister Ken Ofori-Atta says the consistent decline in inflation is due to the government’s dedicated efforts in restoring macroeconomic stability.
Inflation has dropped for the fourth consecutive time, with November recording a rate of 26.4%.
“Yesterday, we saw inflation come down to 26.4%, which is literally where we were at 54% some time at the end of last year. So it is quite an impressive performance. And I know we have been through difficult times, but you look at inflation being halved. We see our growth, which was expected to be 1.5%, double to 3%. And we look at currency depreciation which since February has been about 7.2% declined a bit.”
“The inflation also indicated that Greater Accra had the slowest growth inflation, and that is good. Food inflation is still problematic, but even that was down considerably from 44% to 32% this time. So the supply is not the problem, but the logistical movement is what we need to get efficient about,” he said.
On her part, the Deputy Minister of Finance, Abena Osei-Asare, encouraged State Owned Enterprises (SOEs)to work to be profitable as the government continues to improve the business environment for growth.
“The government cannot continue to invest in these companies, and whatever is due to the government won’t be given to the government. So we appreciate what you have done, and we ask that we continue to work with you in partnership to ensure you sustain this growth that we are seeing at your end,” she said.
They made the comments during a dividend presentation of GH¢30.89 million to the government by the Board of Twifo Oil Palm Plantation Limited.