Finance Minister, Dr. Cassiel Ato Forson has expressed confidence that Ghana’s inflation rate will drop into the single digits by the end of 2025—well ahead of the government’s initial forecast.
Speaking in an interview with Joy News on Thursday, July 24, following his presentation of the Mid-Year Budget Review to Parliament, Dr. Forson cited positive macroeconomic indicators and declining producer price inflation as justification for his optimism.
“I am of the firm belief that by the end of the year we will be entering the single digit. I expect that by the end of the year we will be entering single digit—for a reason,” he said.
“Based on the trajectory, we are now at 13.7%. The Producer Price Inflation, for example, moved from 10-point-something to 5.9% last month. And based on that, I expect that next month inflation will go down, and if it does, then I believe that by the end of December, we should be able to achieve that,” Dr. Forson explained.
Despite reaffirming the official year-end inflation target of 11.9% as stated in the Mid-Year Review, the Finance Minister said he anticipates that target will be met earlier than planned.
“As I have said, even though I still maintain the target of 11.9%, I said again in the speech, we’ll be achieving our target ahead of schedule,” he added.
The Minister’s remarks follow signs of economic recovery highlighted in the budget review, including improved fiscal performance, robust GDP growth in the first half of the year, and strengthened international reserves.