In a recent address at a National Thanksgiving service held at the New Patriotic Party (NPP) Headquarters in Accra, the party's Flagbearer, Dr. Mahamudu Bawumia, asserted that recent government measures have significantly contributed to macroeconomic stability in Ghana.
Dr. Bawumia highlighted tangible indicators of the government's dedication to economic rejuvenation, emphasizing the notable decrease in inflation and the reduction in prices of essential goods and services.
“We started the year with an inflation rate of 56.3 percent in January. As we speak, the rate for November is 26.4 percent. A significant drop, and when you look at inflation, it has come down,” said Dr. Bawumia.
Expressing optimism about Ghana's economic trajectory, he acknowledged the global challenges posed by the post-Covid-19 era and commended the country's resilience amid the economic and social shocks of the pandemic.
“We have to work extra hard to lessen the burden that crossed 2023 with us. But what is remarkable is that prices of items that we normally buy are falling—cement prices, fuel prices, cooking oil prices, iron rod prices, rice prices, maize prices—all are falling,” he added.
Dr. Bawumia underscored the significance of these price reductions as indicators of positive economic developments, stating, “Normally we see increases, but we are seeing a decline in pricing.”
