Member of Parliament for Afigya Kwabre North, Collins Adomako-Mensah, has expressed concern over the growing disparity between Ghana’s official inflation statistics and the real cost of living experienced by ordinary citizens.
While acknowledging that inflation rates have seen a notable decline on paper, he argued that the effect has not translated into reduced prices of goods on the market, leaving many consumers struggling with high living costs.
“Inflation has come down, but more must be done. I’ve watched your business segment where some business people are still complaining about the prices of goods,” he said.
Citing the latest figures, Collins noted that Ghana’s inflation rate has dropped to 13.7%, down from previous highs of over 30%. However, he pointed out that the prices of many goods remain unchanged despite the improved economic indicators.
“On paper, inflation has dipped, but the prices of the goods and services — some have gone down, I must be fair — but the majority of them are still as it is when the inflation was high,” he explained in an interview on Metro TV’s Good Morning Ghana.
Collins emphasized the need for government officials, particularly ministers, to engage directly with traders and industry players to better understand the price rigidity.
“This is where I think the ministers should also continue to engage more with the traders and all the players in that sector to find out why inflation has moved from 30%, 20%, to 13.7%, but you’re still selling the same product at the same price,” he argued.
He added that ideally, when inflation drops, prices on the market should reflect that change. “Ordinarily, when you see inflation dropping, you’ll be hoping that it will align with the prices on the market. At least, it should drop — even if not drastically — but at a declining rate,” he said.
