President John Mahama has reaffirmed his government’s commitment to maintaining inflation within single digits, following a sharp decline in the rate to 3.2%.

The pledge forms part of broader efforts by the government of Ghana to stabilise the economy through strict fiscal discipline and prudent financial management.

Speaking at a citizen engagement held at the University for Development Studies on Sunday, April 19, President Mahama said the significant drop in inflation reflects deliberate policy measures aimed at restoring macroeconomic stability.

He noted that inflation, which stood above 24% when his administration assumed office, has now been reduced to below 4%, marking a major turnaround in the country’s economic outlook.

According to the President, the improvement has been driven largely by disciplined fiscal management, with government prioritising expenditure control and limiting borrowing.

“We’ve been able to manage the petroleum prices so that we cushion our citizens and prevent inflation from going back up to the levels that we came to meet it,” he said. “When we came into office, inflation was running above 24%; that inflation has been brought down to under 4%, and we intend to keep it like that. We have done this by just being fiscally disciplined.”

President Mahama explained that the strategy has been particularly necessary as Ghana remains shut out of the international capital markets following its debt default, restricting access to external financing.

Despite these constraints, he expressed confidence that continued fiscal discipline would help sustain the gains made in reducing inflation while supporting long-term economic stability.

The government’s focus on maintaining low inflation is expected to ease the cost of living for citizens and create a more predictable environment for businesses and investors.