By the end of 2024, President Nana Addo Dankwa Akufo-Addo has promised that the government will make every effort to bring inflation down to 15%.

He also expressed hope about the possibility that inflation will decline by the end of 2023.

As of September 2023, the current inflation rate is 38.1 percent.

The President said this during a meeting at Jubilee House with the Christian Council of Ghana.

“The signs are becoming clearer and clearer, the very high rate of inflation that we suffered last year is coming down. By the end of this year, we will be looking at 26.7 percent. By the end of next year, we will bring it down to 15. We have to go down to the single digits,” he stated.

Earlier this week, the President mentioned that despite the nation's present difficulties, Ghana still has the second-largest economy in West Africa.

Speaking on October 16, 2023, at the presidential breakfast meeting on finance for agriculture and agribusiness in Accra, the president urged banks to expand their lending to the private sector.

He said “The poor credit culture is something we need to look at very seriously in Ghana. To hear the statement that the level of credit that has come from our financial system to our price sector is one of the lowest in West Africa is also a very disturbing phenomenon. We are lower than Senegal, Cote d’Ivoire, and others, all of this is against the background that we are still the second biggest economy in West Africa.”

He noted that although Ghana's credentials are often forgotten in the continent, the country would fare better if the present rate of credit rose even little.

Akufo-Addo added “There is a tendency for a lot of people to forget that in spite of all the challenges before the Ghanaian economy, we are the second biggest economy in West Africa. Even with that situation if the amount of money that goes from the banks to the private sector is the lowest in West Africa, my mind boggles, that if these figures were to rise a little bit the transformation that it would bring to our GDP growth, so we need to look at that.”