By Lawrence Odoom/Phalonzy
President John Dramani Mahama has pledged an unyielding commitment to sustain single-digit inflation, hailing a dramatic descent in the rate to 3.2% as vindication of his administration’s austere fiscal stewardship and prudent economic governance.
The declaration forms a cornerstone of broader stabilisation architecture designed to entrench macroeconomic equilibrium through expenditure restraint and judicious borrowing controls.
Addressing a citizen engagement forum at the University for Development Studies on Sunday, April 19, the President asserted that the precipitous fall in inflation reflects deliberate, disciplined policy orchestration aimed at resuscitating national economic confidence.
He recalled that inflation was “running above 24%” when his government assumed the reins of power, but has since been compressed to “under 4%.”
The President ascribed the turnaround to uncompromising fiscal discipline, emphasizing that government has prioritized rigorous expenditure controls and curtailed borrowing, an imperative strategy given Ghana’s exclusion from international capital markets following its sovereign debt default, which has severely constrained access to external financing.
“We’ve been able to manage the petroleum prices so that we cushion our citizens and prevent inflation from going back up to the levels that we came to meet it. When we came into office, inflation was running above 24%; that inflation has been brought down to under 4%, and we intend to keep it like that. We have done this by just being fiscally disciplined,” he said.