BTA2023 Deputy Finance Minister-Designate Nyarko Ampem Pledges to Reduce Inflation to 8%
The Deputy Minister-Designate for Finance, Thomas Nyarko Ampem, has committed to supporting the government’s goal of reducing inflation to 8%. Acknowledging the challenges ahead, he emphasized that with the right policies and strategic interventions, this target remains achievable.
Economic Priorities
During his vetting before the Appointments Committee on February 24, Mr. Ampem highlighted two major factors contributing to inflation in Ghana: food inflation and currency depreciation.
Tackling Food Inflation
- Food inflation plays a critical role in overall inflation rates.
- Mr. Ampem stressed that lowering food prices must be a priority in efforts to reduce inflation.
- The Finance Ministry will collaborate with the Ministry of Agriculture to boost food production and supply.
Strengthening the Cedi
- Ghana’s dependence on imports makes the depreciation of the Cedi a key driver of inflation.
- Mr. Ampem stated that stabilizing the local currency would help mitigate inflationary pressures.
“You know we are an import-dependent country, and so when the Cedi depreciates, it has a pass-through effect on inflation—though not perfect. So, if we can strengthen the Cedi, we would also be succeeding in our quest to bring inflation down,” he remarked.
Government’s Commitment to Inflation Control
With inflation control being a central economic objective, the Finance Ministry under Mr. Ampem’s leadership will focus on practical measures to stabilize the economy. Through targeted policies, inter-ministerial collaboration, and efforts to enhance agricultural productivity, the government aims to create a more stable economic environment for Ghanaians.
