The Minister of Finance-designate, Dr. Cassiel Ato Forson, has announced plans to reduce the country's inflation rate to a target range of 8% within the shortest possible time.

He made this statement on Monday, January 13, 2025 during his vetting before the Appointments Committee of Parliament.

“I believe if we are to introduce strong measures, particularly from the expenditure side, we will be able to bring inflation down to 8% plus or minus two. In doing so, we will be able to reopen the domestic bond market so that we can move away from the over-reliance on the treasury bill market,” Dr. Ato Forson said.

He explained that achieving this target would require implementing a comprehensive strategy to stabilize the economy and restore confidence in the local currency.

Dr. Forson outlined several measures to address the issue, including enhancing foreign exchange reserves, boosting export revenues, and curbing unnecessary imports.

According to him, these interventions would not only reduce depreciation but also improve the overall economic outlook.

The finance minister-designate emphasised his commitment to addressing the root causes of currency instability.

He assured the Appointments Committee of his readiness to work with stakeholders to create a sustainable economic environment that promotes growth and benefits all Ghanaians.

MA