Peprah: Single digit inflation is achievable by December

Accra (Greater Accra) 4^th June '99

Mr Kwame Peprah, Minister of Finance, on Thursday said a single digit inflation rate is achievable by the end of the year.

He was answering questions from journalists in Accra on the implications of the falling prices of gold and cocoa around the world, Ghana's major export earners, and rising oil prices.

He said all indicators are in place to ensure a single digit inflation adding that the Central Bank would sustain its strict monetary policy to make sure that the nation's economic indicators and overall fiscal policies are in order.

Mr Peprah said food production and supply are on track and in abundance. "We are entering the harvest period and we do not expect any shortfall whatsoever."

The Minister said food prices in the last year have only gone up by five per cent and stressed that "with the amount of food supply coupled with prices, we hope to be in the single digit zone by the end of the year".

The rate of inflation was down to 10.2 per cent in May.

GRi../