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The Bank of Ghana (BoG) claims that the most recent decline in inflation supports its long-standing assertion that the sharp increase in inflation in 2022 was an anomaly.
During a cocktail event on Thursday, December 14, in Accra, Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG), expressed his expectation that the business environment will significantly improve in 2024.
“‘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.”
In summary, 2023 has been demanding yet rewarding. We anticipate a major improvement in the business environment in 2024 and we are optimistic about the economic outlook,” Addison stated.
The Ghana Statistical Service (GSS) reported on Thursday, December 14, 2023, that the consumer inflation rate for November 2023 has decreased sharply from 35.2% in October 2023 to 26.4% year over year.
This indicates that the overall price level was 26.4% higher in November 2023 than it was in November 2022.
Since August of this year, there has been a drop for four straight months.
Source: Ghanatodayonline.com
