Mahama vows to maintain single-digit inflation after sharp drop

President John Dramani Mahama has reiterated his administration’s commitment to maintaining inflation within single digits after the rate dropped significantly to 3.2 per cent.

He attributed the decline to deliberate efforts to stabilise the economy through strict fiscal discipline and prudent financial management.

Speaking at a citizen engagement at the University for Development Studies on Sunday, April 19, the President noted that inflation, which exceeded 24 per cent when his government took office, has now fallen to below 4 per cent.

According to him, the progress reflects targeted policies aimed at controlling public spending and reducing excessive borrowing, particularly at a time when Ghana’s access to international capital markets remains constrained due to debt challenges.

“We’ve been able to manage petroleum prices to cushion citizens and prevent inflation from rising again,” he said.

“When we assumed office, inflation was above 24 per cent. It has now dropped to under 4 per cent, and we intend to keep it there. This has been achieved through fiscal discipline.”

President Mahama stressed that sustaining the gains remains a key priority, as the government continues efforts to preserve economic stability and shield households from rising living costs.