Ghana's Inflation Dropping To 26.4% Demonstrates Our Economy's Recovery- Kennedy Osei Nyarko

 

Kennedy Ghana's Member of Parliament for Akim Swedru, Osei Nyarko, has voiced hope about the country's economic revival. He thinks that under his administration, Ghana's economy will not only improve but even significantly revive. The fall in inflation rates is one of the important indications of the current economic recovery. According to current data, Ghana's inflation rate fell to 26.4% in November 2023, a considerable decline from the previous 35.2%.

This decrease in inflation is viewed as a positive indicator of the country's economic success and stability. It reflects the government's determination to execute policies and programs that solve economic concerns and encourage growth. Nyarko focuses on the government's attempts to combat inflation and other economic difficulties that have contributed to the fall in inflation rates. He emphasizes the significance of preserving stability and monetary stability in order to promote a speedier and more lasting economic recovery.

The drop in inflation rates is not an isolated occurrence, but rather part of a larger trend. Ghana has had economic challenges this year, including high inflation rates. However, recent data suggest that inflation has been steadily declining, with November's rate reaching a 14-month low [2]. This favourable trend is bolstered further by the central bank's choice to retain a high policy rate in order to stabilise inflation and assist economic recovery. The World Bank also recognises the need of maintaining interest rates, pointing out that Ghana's economy is likely to develop.

The decrease in inflation rates is projected to have a favorable influence on Ghanaians' level of life. As inflation falls, the cost of products and services falls, making them more affordable. Individuals and families can enjoy a higher standard of living. The November Consumer Price Index numbers show that non-food inflation was 21.7% and food inflation was 32.2%, showing a positive turn in the economy.

Overall, Ghana's inflation rate dropping to 26.4% in November 2023 is a positive indicator that the country's economy is recovering. It represents the government's determination to handle economic issues, promote stability, and accelerate growth. Ghana is on the route to a more affluent future, with a higher quality of life for its population, thanks to ongoing efforts and good policies.