Latest news with #Iddrisu
Business Insider
02-07-2025
- Business
- Business Insider
Mahama's winning streak? Ghana's inflation hits lowest levels in 4 years
Ghana's inflation rate has continued to fall, reaching its lowest level in more than four years, indicating that the West African country's economic recovery may be gaining momentum. Ghana's inflation rate dropped to 13.7% in June, marking its lowest level in over four years. Food inflation decreased substantially from 22.8% in May to 16.3% in June, with non-food price growth also slowing. This decline is part of a six-month consecutive downward trend, showcasing economic recovery momentum. According to the latest Ghana Statistical Service figures, annual inflation fell drastically to 13.7% in June, down from 18.4% in May. This is the sixth consecutive monthly fall, and the lowest reading since late 2020. In Accra, the cedi remained steady at 10.35 to the dollar at 10:19 a.m, as reported by Bloomberg. Food inflation dropped from 22.8% in May to 16.3%. Iddrisu reported that the growth in non-food prices slowed to 11.4% from 14.4% the previous month. The monetary policy committee of the central bank will make its next interest-rate announcement on July 23. Given the more benign inflation reading, it might be able to reduce borrowing costs. Government Statistician Alhassan Iddrisu revealed the statistics in Accra on Wednesday, citing the country's stronger currency and favorable external conditions as important factors in alleviating inflationary pressures. A similar trend last month indicated that consumer inflation fell to 18.4% in May from 21.2% in April, highlighting a steady disinflationary pattern since the beginning of the year. Iddrisu had also voiced confidence that inflation would continue to fall, given the current macroeconomic conditions. Political backdrop and policy implications of the John Mahama administration President John Mahama, who came to power earlier this year, has led the country to positive inflation rates. Since assuming office, Mahama's administration has prioritized budgetary restraint, currency stability, and export growth as important drivers of economic development. Ghana's capacity to maintain this development will be dependent on a number of factors, including continuing currency stability, good fiscal management, and favorable commodity prices. Ghana, as one of the few African economies displaying significant indicators of macroeconomic stability in 2025, is providing a positive signal to both domestic and foreign investors.
Business Insider
02-07-2025
- Business
- Business Insider
Mahama's winning streak? Ghana's inflation hits lowest point in over 4 years
Ghana's inflation rate has continued to fall, reaching its lowest level in more than four years, indicating that the West African country's economic recovery may be gaining momentum. Ghana's inflation rate dropped to 13.7% in June, marking its lowest level in over four years. Food inflation decreased substantially from 22.8% in May to 16.3% in June, with non-food price growth also slowing. This decline is part of a six-month consecutive downward trend, showcasing economic recovery momentum. According to the latest Ghana Statistical Service figures, annual inflation fell drastically to 13.7% in June, down from 18.4% in May. This is the sixth consecutive monthly fall, and the lowest reading since late 2020. In Accra, the cedi remained steady at 10.35 to the dollar at 10:19 a.m, as reported by Bloomberg. Food inflation dropped from 22.8% in May to 16.3%. Iddrisu reported that the growth in non-food prices slowed to 11.4% from 14.4% the previous month. The monetary policy committee of the central bank will make its next interest-rate announcement on July 23. Given the more benign inflation reading, it might be able to reduce borrowing costs. Government Statistician Alhassan Iddrisu revealed the statistics in Accra on Wednesday, citing the country's stronger currency and favorable external conditions as important factors in alleviating inflationary pressures. A similar survey last month indicated that consumer inflation fell to 18.4% in May from 21.2% in April, highlighting a steady disinflationary trend since the beginning of the year. Iddrisu had also voiced confidence that inflation would continue to fall, given the current macroeconomic conditions. Political backdrop and policy implications of the John Mahama administration President John Mahama, who came to power earlier this year, has led the country to positive inflation rates. Since assuming office, Mahama's administration has prioritized budgetary restraint, currency stability, and export growth as important drivers of economic development. Ghana's capacity to maintain this development will be dependent on a number of factors, including continuing currency stability, good fiscal management, and favorable commodity prices. For the time being, the trend appears to be positive. Ghana, as one of the few African economies displaying significant indicators of macroeconomic stability in 2025, is providing a positive signal to both domestic and foreign investors.
Business Insider
01-07-2025
- General
- Business Insider
Nearly 30.7% of Ghana's population lives in slums
A new report released by the Ghana Statistical Service (GSS) has revealed that approximately 29.5% of Ghana's population, representing about 4.8 million people, are living in slums or informal settlements. Accra and Ashanti regions have the highest slum housing rates, over 50%. Recent Ghana Statistical Service report shows 29.5% of Ghanaians live in slums. Women in slums face higher fertility rates, posing additional challenges. The findings underscore the severity of Ghana's housing challenges and the urgent need for targeted urban development policies. Slums and informal settlements spread across cities Titled The Slums and Informal Settlements Report, the publication highlights widespread issues with housing, poor urban planning, and limited infrastructure in many Ghanaian communities. Launched on 30 June 2025, the report exposes deepening inequalities in the country's urban landscape. Speaking at the launch, Government Statistician, Dr Alhassan Iddrisu, described the figures as 'a serious wake-up call' and urged local authorities to take leadership in addressing urban poverty and housing deficits. 'This data must not be shelved,' Dr Iddrisu insisted. 'It should inform how we plan, allocate resources, and intervene at the local level to reduce disparities.' Greater Accra and Ashanti regions top slum sousing rates The report found notable regional disparities in slum conditions. The Greater Accra Region recorded the highest proportion of slum dwellers in rented spaces at 52.5%, followed by the Ashanti Region at 51.8%. Other regions posted significantly lower figures, suggesting that slum living is particularly concentrated in the nation's most densely populated urban centres. Dr Iddrisu called for urgent reforms in housing, sanitation, and social service delivery, noting that slum conditions pose serious threats to public health, safety, and equity. He urged metropolitan, municipal, and district assemblies to align their budgets and development strategies with the data presented. The report also observed that women living in slum areas exhibit slightly higher fertility rates compared to women in non-slum localities—a dynamic that may add pressure to already overstretched infrastructure and services in informal settlements. Despite Ghana's rapid population growth and increased internal migration, the GSS report revealed that only 10% of localities across the country are formally classified as urban, even though slum conditions persist in many areas. This mismatch between population trends and urban classification highlights a critical gap in planning and infrastructure expansion.
Zawya
02-05-2025
- Business
- Zawya
President Mahama Swears In Dr. Alhassan Iddrisu as Government Statistician
Dr. Iddrisu outlined a bold vision for the Ghana Statistical Service (GSS), committing to build a modern, technology-driven, agile, and trusted institution capable of producing credible, timely, and relevant data to support Ghana's macroeconomic stabilisation programme and socio-economic development initiatives. Key among his priorities is the fast-tracking of the rebasing of the Consumer Price Index (CPI) to improve the quality of inflation data and extending CPI reporting to the district level to support government's decentralisation agenda. He also pledged to produce inflation data on a rural-urban basis to capture price dynamics across different parts of the country. On economic data, Dr. Iddrisu announced plans to rebase Ghana's Gross Domestic Product (GDP) every five years, a significant improvement on the current ten-year cycle, and begin producing regional GDP figures to inform local policy decisions. Additionally, he hinted at the introduction of Monthly Indicators of Economic Growth (MIEG) to complement the Bank of Ghana's Composite Index of Economic Activities (CIEA). Addressing employment statistics, Dr. Iddrisu revealed plans to regularise the production of quarterly employment and unemployment data to better track labour market trends, job creation under government flagship programmes, and youth unemployment rates. 'With the enduring support of the President, the Honourable Finance Minister, our development partners, and the good people of Ghana, I am committed to working with the exceptional team at GSS to position our Service as a world-class institution and a trusted pillar in Ghana's development journey,' Dr. Iddrisu affirmed. Dr. Alhassan Iddrisu, a seasoned economist and statistician, brings to the role extensive experience in macroeconomic management, public policy, and data analysis. His appointment marks a new chapter for the Ghana Statistical Service as it seeks to reposition itself as a beacon of excellence and a driver of national development through evidence-based decision-making. Distributed by APO Group on behalf of Ministry of Finance - Republic of Ghana.
