We’ve been vindicated by latest inflation drop – BoG

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The Bank of Ghana (BoG) claims the current decline in inflation validates its long-held confidence that 2022’s skyrocketing inflation was a twist of fate.

Speaking at an end of year cocktail in Accra on Thursday (14 December), the Governor of the Bank of Ghana (BoG), Dr Ernest Addison said he expects to see a significant improvement in the operating environment for businesses next year.

“‘I kept on reminding people that inflation was at 12.7% in December 2021 and what we saw in 2022 should not be used to judge us. As you are aware there has been considerable noise from our detractors who have celebrated the high inflation recorded in 2022.

“Today, we are vindicated that inflation in 2022 was just a blip and we are quickly returning to where we were before the crisis.”

“To conclude, 2023 has been challenging but fulfilling. We are confident about the economic outlook and expect to see significant improvement in the operating environment for businesses in 2024,” Addison said.

The year-on-year consumer inflation rate for November 2023 has slowed significantly from 35.2% in October 2023 to 26.4%, the Ghana Statistical Service (GSS) said on Thursday (14 December).

This means that in the month of November 2023 the general price level was 26.4% higher than November 2022.

This marks the fourth consecutive drop since August this year.

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