Akufo-Addo foresees inflation rate reduction to 26.7% by year-end

As of September 2023, the country's inflation rate was recorded at 38.1 percent, reflecting the rate of price increase over a specific period.

Speaking at a meeting with the Christian Council of Ghana held at the Jubilee House, President Akufo-Addo shared that the government is implementing measures to resuscitate the economy and mitigate inflation.

"The signs are becoming clearer and clearer; the very high rate of inflation that we suffered last year is coming down. By the end of this year, we will be looking at 26.7 percent," the President stated, reflecting his anticipation of a significant decrease in inflation.

He further revealed that the goal is to bring the inflation rate down to 15 percent by the end of the following year, 2024. The ultimate target, he stressed, is to achieve single-digit inflation figures.

In addition to discussing economic matters, President Akufo-Addo used the occasion to request the Christian Council's prayers and support as Ghana continues to work toward economic recovery.

The President's positive outlook regarding the decline in inflation signals a concerted effort by the government to address the country's economic challenges and reduce the cost of living for its citizens.