The Deputy Minister-Designate for Finance, Thomas Nyarko Ampem, has stated that he will support the Minister of Finance in achieving the government's target of reducing inflation to 8 per cent.
He acknowledged that while this goal would be challenging, it remains attainable with the right policies and strategies.
Speaking at his vetting before the Appointments Committee on February 24, Mr Ampem highlighted the significant role of food inflation in driving overall inflation rates. He stressed that any meaningful effort to reduce inflation must prioritise lowering food prices.
To address this, he stated that the Finance Ministry would collaborate with the Ministry of Agriculture to enhance food production and improve supply.
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Mr Ampem also noted that Ghana’s heavy reliance on imports makes the Cedi’s depreciation a key factor in inflation. Strengthening the Cedi, he explained, would be crucial in achieving lower inflation levels.
"You know we are an import-dependent country and so when the Cedi depreciates, it has a passthrough 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 stated.