Mahama Vows to Keep Inflation in Single Digits After Drop to 3.2%

President John Dramani Mahama has reiterated his administration’s determination to maintain inflation within single digits, following a notable decline to 3.2%.

The commitment is part of wider efforts to stabilise the economy through disciplined fiscal policies and careful financial management.

Addressing participants at a citizen engagement held at the University for Development Studies on Sunday, April 19, the President said the sharp reduction in inflation is the result of intentional policy measures aimed at restoring macroeconomic stability.

He explained that inflation, which exceeded 24% at the start of his administration, has now fallen to below 4%.

According to him, this progress has been driven by strict control of government spending and efforts to reduce borrowing.

He added that such measures have been critical, especially as Ghana continues to face limited access to international capital markets following its debt default.

“We’ve managed petroleum prices to cushion citizens and prevent inflation from rising again. When we assumed office, inflation was above 24%, but it has now dropped to under 4%, and we are determined to sustain it. This has been achieved through fiscal discipline,” he stated.

Government officials say maintaining price stability remains a key priority despite ongoing economic challenges.