President John Mahama has announced the government’s commitment to maintaining inflation within single digits, following a significant decline in the rate to 3.2%

The pledge forms part of broader efforts to stabilise the economy through strict fiscal discipline and prudent financial management.

Speaking at a citizen engagement at the University of Development Studies on Sunday, April 19, the President said the sharp drop in inflation reflects deliberate policy choices aimed at restoring macroeconomic stability.

He noted that inflation, which stood above 24% when his administration assumed office, has now been reduced to under 4%.

He attributed the improvement to disciplined fiscal management, stressing that the government has prioritised controlling expenditure and limiting borrowing.

According to him, the strategy has been necessary, particularly as Ghana remains shut out of the international capital markets following its debt default, restricting 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.