Ghana on track to get single-digit inflation by 2028 – Amin Adam

The Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam, has said the current trajectory of the economy’s growth is evidence that the country will achieve its growth targets including a single-digit inflation by 2028.

According to him, the economy is growing faster than even projections made by the International Monetary Fund.

He added that inflation has decreased from 54% to 40% in the past few months, an indication that the growth targets are achievable.

"The IMF actually projected that we would grow at 1.5% this year, and if half into the year we are already growing at 3.2%, with some of the recovery policies yet to mature, it's indicative of the fact that by the end of the year, we should be doing far more than what the IMF projected. And that is a great sign of recovery," Dr. Amin Adam said on Accra-based Citi TV's Point of View.

“Inflation which is a very important indicator for attracting investments and for improving domestic investment has also been decelerating from 54% in December 2022 to date. It is about 40% and it's going to continue because 40% is still high and so we will expect that this disinflationary path we have been following will continue until we reach single-digit inflation by 2028 as per the IMF programme,” he added.

In addition to the growth indicators and inflation, the minister added that the exchange rate has also seen some stability this year.

He is therefore optimistic that Ghana’s recovery will be faster than expected.

SSD/MA

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