The Minister for Government Communications, Felix Kwakye Ofosu, says there is clear evidence that recent improvements in Ghana’s macroeconomic indicators are beginning to ease the cost of living for ordinary citizens.
Speaking on the link between falling inflation and market prices on the KeyPoints with Alfred Ocansey, the Minister acknowledged that price adjustments do not happen instantly, but insisted the impact is already being felt.
“There is often a time lag between a drop in economic indices and their reflecti on in the market. But there is no dispute that some reduction in the cost of living has occurred,” he said on January 17.
Felix Kwakye Ofosu said since the government assumed office, deliberate efforts have been made to stabilise the economy after what he described as severe hardship over the past eight years.
“Since we came to power, we’ve done everything humanly possible to ensure the hardships people were subjected to are abated, and that is what is happening,” he noted.
He cited fuel prices, exchange rate stability, and falling import duties as key drivers of the improvements.
According to him, fuel prices have dropped significantly, leading to savings for over 3.7 million vehicles, including more than two million commercial vehicles.
“Millions of people are benefiting directly because transportation costs have reduced,” he said.
The Minister added that data from the Ghana Statistical Service shows price reductions across over 4,500 items, including foodstuffs such as rice, maize, cooking oil, meat, charcoal and soap.
“The price of a cup of beans is not the same as it was. The price of oil has come down. These are things people feel in their daily lives,” he stressed.
While acknowledging public calls for deeper price reductions, Felix Kwakye Ofosu maintained that progress must be recognised.
“People are right to demand more reductions, but we cannot gloss over the fact that there have been tangible improvements in the cost of living because of how the economy is being managed,” he added.
By Christabel Treve
