Source: newsthemegh.com
The government’s persistent efforts to restore macroeconomic stability, according to Finance Minister Ken Ofori-Atta, are responsible for the inflation’s continuous fall.
After declining for four months running, inflation fell to 26.4 percent in November.
Ofori-Atta emphasized the concrete effects of these initiatives on the state of the economy at a dividend presentation of 30.89 million cedis to the government by the Board of Twifo Oil Palm Plantation Limited.
“We saw yesterday inflation came down to 26.4%, which is literally where we were at 54 points sometime at the end of last year. So it is quite an impressive performance. And I know we have been through difficult times, but you look at inflation being halved. We see our growth, which was expected to be 1.5%, double to 3%. And we look at currency depreciation, which since February has been about 7.2%, declined a bit.”
“The inflation also indicated that Greater Accra had the slowest growth inflation, and that is good. Food inflation is still problematic, but even that was down considerably from 44% to 32% this time. So the supply is not the problem but the logistical movement is what we need to get efficient about,” he said.
While the government works to improve the economic environment for growth, State Owned Enterprises should aim for profitability, according to Deputy Minister of Finance Abena Osei-Asare.
“The government cannot continue to invest in these companies, and whatever is due to the government won’t be given to the government. So we appreciate what you have done, and we ask that we will continue to work with you in partnership to make sure you sustain this growth that we are seeing at your end,” she said.