Ghana’s inflation rate will reach 15% by the end of 2024, the finance minister and Member of Parliament for Karaga, Dr. Mohammed Amin Adam, has projected.

The minister said the current government has put measures in place that have helped manage inflation despite economic challenges.

In his view, the current government has achieved significant reductions in inflation rates since taking office in 2017.

Speaking during a town hall meeting in Accra organised by the Ministry of Information at GNAT Hall, he compared the current inflation rate to that of the previous National Democratic Congress administration, which recorded inflation rates of 17.7% in 2015 and 15.4% in 2016.

He posited that the NPP has managed to record a single-digit inflation rate of 9.4% in 2018 and 7.9% in 2019, a historic feat of two consecutive years of single-digit inflation. He maintained that the Russian-Ukraine war led to a global surge in inflation, affecting Ghana’s rate, which peaked at 54% in 2022.

“Inflation, the rate of inflation, headline inflation in 2015 was 17.7 percent. In 2016, it came to 15.4 percent. In 2017, when we took government, inflation came down further to 11.7 percent. A year later, in 2018, it became single-digit inflation at 9.4 percent. In 2019, we had a single digit of 7.9 percent.

“Two consecutive years, the longest period a government has recorded a single-digit inflation. We have had single-digit inflation in the past, but for two consecutive years, 24 months of single-digit inflation was historic. Now when the Russian-Ukraine war started, again as I said, we saw global inflation growing and ours was also negatively affected. In fact, inflation went up to 54 percent in 2022.

“But again, see the efforts we have put in managing inflation in Ghana. In June this year, 17 to 18 months, we have brought inflation down to 22 percent. In 17 months, we have more than halved inflation from 54 percent to 22 percent, and we are determined to end this year with an inflation rate of 15 percent.

“If this party continues in government next year, we are determined to bring inflation down to single-digit inflation next year.”