Ghana’s inflation for June drops to 9.1 percent

The Consumer Price Index measures the change over time in the general price level of goods and services that households acquire for the purpose of consumption.

The 9.1 percent inflation rate recorded for June 2019 is the second lowest inflation rate in the past 12 months.

The Acting Deputy Government Statistician in charge of operations, Mrs Araba Forson while addressing the media attributed the marginal drop to the combined effect of the drops for the Food and Non-food Inflation rates for last month.

The drop according to President of the country, Nana Akuffo Addo is part of his ways to correct the fundamentals of the Ghanaian economy, which, prior to his assumption of office, were in considerable disarray.

According to him, “The fiscal deficit, which stood at 9.3% in 2016, has been brought down to 3.9% at the end of 2018. Our actions have resulted in the rapid growth of Ghana’s economy, which, according to the International Monetary Fund (IMF), this year, will be the fastest growing economy in the world at a projected 8.8% (up from 3.6% in 2016).”

Speaking at the France-Ghana Business Forum on Tuesday, July 9,2019, President Akuffo Addo stated that the continuing stability of the macro-economy and the cedi; reduction in inflation from 15.4% in December 2016 to 9.5% in April 2019; reduction of lending rates, amongst others; are examples of some of the steps that have been taken to grow the Ghanaian economy.