BusinessEconomy

Ofori-Atta lauds BoG’s contribution towards restoring economic stability

His comment is in reference to the latest drop in inflation rate for the month of November from 35.2% in October 2023 to 26.4%

The Minister for Finance, Ken Ofori-Atta has commended the Bank of Ghana (BoG) for playing an effective role in restoring economic stability in the country.

His comment is in reference to the latest drop in inflation rate for the month of November from 35.2% in October 2023 to 26.4%.

Speaking at an end of year cocktail in Accra on Thursday (14 December), Ofori-Atta urged the central bank to work hard to bring inflation back to single digit.

He said, “Undoubtedly, recent global upheavals put our economy under strain, yet the collaborative spirit between the Ministry for Finance and the Bank of Ghana has never been stronger.”

“More importantly, the Ghana Statistical Services (GSS) reported earlier this morning that inflation has slowed down to 26.4% in November 2023 from 35.2% in October 2023. In effect, the Bank and the Treasury’s collaborative efforts have halved inflation (from 54.1% in December 2022) in under 12 months.”

“But while it is welcome news that prices are no longer rising as quickly, we know many people continue to face severe cost of living pressures. So, we must stay the course to continue to get inflation back down to single digits as quickly as possible,” Ofori-Atta said.

Reporting by Fred Dzakpata in Accra

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