Accra — A quick review of the economy's performance shows that some amount of economic stability has been achieved as at the end of the 2002 financial year. The rate of inflation fell to 12.9% at the close of September although it rose again to 15.2% in December. Thus, we did not achieve the targeted inflation rate of 13% although there was an improvement over last year's.
The government is likely to continue to work towards reducing inflation to single digits with a commitment to controlling government expenditure. The local currency depreciated by 13% against the dollar in 2002 although this was lower than it did with other currencies. The government's promise to replace the cash and carry system by a Health Insurance Scheme has been met with a pilot scheme in 42 districts and it is hoped that this will be expended to cover the whole country this year.