BY DANIEL BAMPOE
The credibility of the reported inflation figures for January 2026 has come under scrutiny, with Parliament’s Economy and Development Committee Ranking Member, Kojo Oppong Nkrumah, questioning whether the 3.8 percent rate accurately reflects the lived realities of ordinary Ghanaians.
According to data released by the Ghana Statistical Service (GSS) on February 4, inflation fell to 3.8 percent in January, representing a 1.6 percentage point decline from December 2025’s 5.4 percent.
The GSS attributed the slowdown primarily to easing price pressures across selected goods and services.
The report indicated that sectors such as transport and selected consumer goods contributed to the lower headline inflation, suggesting some easing of cost pressures across the economy.
However, Oppong Nkrumah, the Member of Parliament for Ofoase-Ayirebi, argued that these figures do not align with what most citizens are experiencing in local markets.
He highlighted feedback from constituents who report that the cost of essential goods—particularly food items—remains high and inconsistent with the official data.
Speaking to the media, the MP emphasized that Parliament would summon the Government Statistician to provide clarity and reconcile official figures with real-world market experiences.
“As I am hearing that figure, I am also getting a lot of messages from people who are saying that what they see on the market doesn’t exactly correspond with that,” he said.
“Ghanaians buy from the markets, and they will be the best judges to tell us whether what they are experiencing on the market is 3.8 percent or not.”
Oppong Nkrumah also criticised the government’s current approach to inflation management, which he said prioritises money supply restrictions over addressing supply-side challenges in the economy.
He noted that while sterilising liquidity may reduce headline inflation in technical terms, it does little to alleviate rising costs of food, transport, and basic necessities for the average Ghanaian household.
Economists have long emphasised that inflation is not solely a technical measure but also a reflection of consumer experience.
In Ghana, where many citizens rely on local markets for daily necessities, a headline decline in inflation does not automatically translate into improved affordability for households.
The MP’s comments highlight the tension between official economic data and the practical cost-of-living pressures faced by ordinary Ghanaians.
Parliament is expected to formally question the Government Statistician in the coming weeks to examine the methodology behind the reported inflation rate and ensure that it accurately reflects the realities on the ground.
