Finance Minister Ken Ofori-Atta has lauded the successful collaboration between the Treasury and the Bank of Ghana, resulting in a significant reduction in inflation from a peak of 54.1% to 26.4%.
Speaking at the Bank of Ghana’s End-of-Year Cocktail, Ofori-Atta expressed pride in the collective effort to reset the financial architecture.
Despite facing challenges over the past three years, he emphasized that the country has turned the corner toward a more resilient and transformed economy.
“Together, we have strived to reset our financial architecture”.
“And despite the challenges over the last three years, I am proud that we have ‘turned the corner’ toward a more robust and transformed economy”, he added.
Mr Ofori-Atta said: “Indeed, amidst these trials, our united front in managing the Bank of Ghana’s balance sheet has been nothing short of heroic.”
“More importantly, the Ghana Statistical Services (GSS) reported that inflation has slowed down to 26.4% in November 2023 from 35.2% in October 2023”, he pointed out, adding: “In effect, the Bank and the Treasury’s collaborative efforts have halved inflation (from 54.1% in December 2022) in under 12 months”.
The Finance Minister acknowledged the heroic efforts in managing the Bank of Ghana’s balance sheet amidst trials.
He highlighted the positive impact of the collaborative efforts, stating that inflation has halved from 54.1% in December 2022 to 26.4% in November 2023, as reported by the Ghana Statistical Service.
While welcoming the news of slowing inflation, Mr Ofori-Atta acknowledged that many people still face severe cost-of-living pressures.
He emphasized the need to stay the course and continue working towards reducing inflation to single digits as quickly as possible.
Looking ahead to 2024, the Finance Minister called for pushing boundaries, working with equanimity, and dispelling any sense of nihilism.
He expressed confidence that, despite the ongoing journey, Ghana will not only prevail but also move towards a more prosperous future with economic freedom and social mobility for all.