MP Afigya Kwabre North Constituency Collins Adomako-Mensah has raised concerns about the disconnect between Ghana’s official inflation figures and the actual cost of goods on the market.
Collins acknowledged that inflation has declined significantly on paper, but argued that the impact is yet to be fully felt by consumers.
“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.
