President Akufo Addo has revealed how his government plans to bring inflation down to 15% by the end of 2024. Akufo-Addo made these statements during his meeting with the Christian Council of Ghana at the Jubilee House.
He stated, “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. By the end of next year, we will bring it down to 15. We have to go down to the single digits.”
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The President emphasized Ghana’s position as “the second biggest economy in West Africa” despite ongoing challenges.
President Akufo-Addo urged banks to “increase their lending to the private sector.”
He stated, “The poor credit culture is something we need to look at very seriously in Ghana. To hear the statement that the level of credit that has come from our financial system to our price sector is one of the lowest in West Africa is also a very disturbing phenomenon. We are lower than Senegal, Cote d’Ivoire, and others, all of this is against the background that we are still the second biggest economy in West Africa.”
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According to the president, many individuals tend to overlook the fact that, despite the numerous challenges facing the Ghanaian economy, it ranks as the second-largest economy in West Africa. According to him, it is astounding that the flow of funds from banks to the private sector in Ghana is the lowest in the region.
“There is a tendency for a lot of people to forget that in spite of all the challenges before the Ghanaian economy, we are the second biggest economy in West Africa. Even with that situation if the amount of money that goes from the banks to the private sector is the lowest in West Africa, my mind boggles, that if these figures were to rise a little bit the transformation that it would bring to our GDP growth, so we need to look at that.”