The Rate Of Economic Recovery Has Never Been Experienced Before

Presidential Staffer, Dennis Miracles Aboagye has said that the current rate of economic recovery being witnessed by Ghanaians has not been experienced before in the country.

However, he says despite the recovery, the country is not there yet in terms of where it wants the resurgence to reach.

His comments come on the heels of the downward trend in the inflation rate.

The rate dropped to 26.4% in November 2023 from 35.2% recorded in October 2023, the Ghana Statistical Service (GSS) announced. According to the GSS, the major factor that contributed to the drop was food inflation.

Food inflation dropped by 12.6% to 32.2% in November 2023. The month-on-month rate of food inflation was 0.8%. For non-food inflation, it also eased to 21.7%, as compared with 27.7% in October 2023. The month-on-month rate of non-food inflation stood at 2.2%. Five divisions recorded inflation rates higher than the national average.

They are Alcoholic Beverages, Tobacco and Narcotics (39.0%); Personal Care, Social Protection and Miscellaneous Goods and Services (35.4%); Food and Non-Alcoholic Beverages (32.2%); Furnishings, Household Equipment and Routine Household Maintenance (32.2%) and Restaurants and Accommodation Services (27.1%).

In a tweet, Mr Miracles Aboagye said “We are not there yet, what we are experiencing in Ghana in terms of recovery after such a difficult global economic turmoil, has never been experienced before. The testimony from the market is not to say we are there yet but an indication that, slowly but steadily we shall Rise.”

Governor of the Bank of Ghana (BoG) Dr Ernest Addison also said that the central bank has been vindicated by the 26.4 percent inflation rate recorded in November 2023.

Dr Addison said that through effective collaboration with the Ministry of Finance, the Bank of Ghana has formulated monetary policies to keep the economy steady.