Finance Minister Ken Ofori-Atta has celebrated the collaboration between the Treasury and the Bank of Ghana which has led to the halving of inflation from a peak of 54.1% to 26.4%.

At the Bank of Ghana’s End-of-Year Cocktail, Mr. Ofori-Atta said: “Together, we have strived to reset our financial architecture”.

“And despite the challenges over the last three years, I am proud that we have ‘turned the corner’ toward a more robust and transformed economy”, he added.

Mr Ofori-Atta said: “Indeed, amidst these trials, our united front in managing the Bank of Ghana's balance sheet has been nothing short of heroic.”

“More importantly, the Ghana Statistical Services (GSS) reported that inflation has slowed down to 26.4% in November 2023 from 35.2% in October 2023”, he pointed out, adding: “In effect, the Bank and the Treasury's collaborative efforts have halved inflation (from 54.1% in December 2022) in under 12 months”.

Mr Ofori-Atta said while it is welcome news that prices are no longer rising as quickly, “We know many people continue to face severe cost of living pressures. So, we must stay the course to continue to get inflation back down to single digits as quickly as possible”.

He noted: “We must never forget that our work is vital not just for the present but also for the future of Ghana. And, so, though our journey is far from over, and the road ahead will require continued perseverance and unity, I am confident that we will not only prevail but also propel Ghana towards a more prosperous future”.

Mr Ofori-Atta said 2024 should be a period in which “we must continue to push boundaries, work with equanimity, and dispel any cloud of nihilism to guarantee economic freedom and social mobility for all”.