Ghana’s inflation rate has dropped for the fourth consecutive month, falling from 22.8% in June to 20.9% year-on-year in July, according to the latest figures released by the Ghana Statistical Service (GSS) on Wednesday (14 August 2024).
The decline has prompted optimism among economists that the country is on track to meet its target of 15% inflation by the end of the year.
The development economist Hayford Mensah Ayerakwa told the Asaase Breakfast Show (ABS) on Thursday (15 August) that although the decrease does not mean prices are falling, it does show a slowing rate of price increases. This, he argues, is a positive development.
“It does not mean that prices are reducing,” Ayerakwa said. “What it means is that the rate at which prices are changing or the prices would increase is actually decreasing, so that is very good.”
He expressed the hope that if this trend continues, Ghanaians can expect a more stable economy and better living conditions.
“If this trajectory continues, we can see a more stabilised economy, [an] improved well-being, because inflation impacts directly on the livelihoods of people,” he said.
“It gives an indication that we are also en route to the goal of 15% [inflation] by end of year.”
