Ghana’s inflation will reach single digit by year-end

President John Dramani Mahama has expressed optimism that Ghana’s inflation rate will fall to single digits by the end of the year.

He explained that his administration is committed to restoring macroeconomic stability and reviving growth momentum, highlighting the progress already made under ongoing reforms.

According to the President, inflation had peaked at almost 23% in 2024, but has since declined to 13.7% following his government’s interventions. He expressed confidence that the continued implementation of sound economic policies would drive the rate into single digits before the year closes.

Speaking at the Ghana Presidential Investment Forum during the 9th Tokyo International Conference on African Development (TICAD-9) in Yokohama, Japan, President Mahama said:

“We are re-establishing macro stability and the growth momentum of the economy. Inflation rose to a high of almost 23% in 2024 and is currently down to 13.7%. We expect that by the end of the year, we will hit single digit.”

The President also pointed to signs of growing investor confidence, noting Ghana’s recent credit rating improvement.

“As Simon said, we’ve been upgraded from junk status to B- with a stable outlook, and I am certain that in the next review we are going to be upgraded again,” he added.