Bank of Ghana Governor, Dr Ernest Addison, has said the policy mix of Ghana’s IMF-supported PC-PEG programme is yielding positive results thus far.
He cited that from the peak of 54.1 percent in December 2022, headline inflation has declined to 35.2 percent in October 2023 and most recently 26.4 percent in November 2023.
Delivering remarks at the BoG end-of-year cocktail event in Accra on December 14, 2023, Dr Addison said recalled that, “I kept on reminding people that inflation was at 12.7% in December 2021 and what we saw in 2022 should not be used to judge us.”
“As you are aware there has been considerable noise from our detractors who have celebrated the high inflation recorded in 2022. Today we are vindicated that inflation in 2022 was just a blip and we are quickly returning to where we were before the crisis,” he added.
Dr. Ernest Addison added that Ghana’s external sector position has also improved this year, alongside some build-up in foreign exchange reserve buffers which has provided some stability in the foreign exchange market.
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Dr. Ernest Addison, Bank of Ghana Governor
