Dr. Anomah, an economist and senior lecturer at the Department of Accounting and Information Systems at the Kwame Technical University, has raised significant concerns regarding the credibility of inflation figures released by the Ghana Statistical Service (GSS).
He argues that a more truthful reflection of the economic situation would reveal that the officially reported figures do not align with the on-the-ground realities. This comes after the GSS announced that Ghana’s inflation rate for August 2025 has dropped to 11.5% from 12.1% in July, marking the eighth consecutive month of decline and the lowest rate in almost four years. The GSS also reported a month-on-month price decrease of 1.3%.
According to Dr. Anomah, the two primary drivers of inflation are food prices and the foreign exchange rate. He explained that if these two factors were properly managed, inflation could be significantly reduced.
Dr. Anomah lamented that high importation remains a major challenge for the country. He suggested that a reduction in imports, coupled with an increase in local food supply, would be crucial for sustaining a low inflation rate over the long term.
When asked about the possibility of achieving a single-digit inflation rate, Dr. Anomah expressed strong reservations. “I doubt we can achieve it. The August figure is likely the lowest we will get,” he stated, attributing his skepticism to the recent depreciation of the cedi against the U.S. dollar. He warned that the short-lived appreciation of the cedi has ended and that the demand for the dollar will increase as the Christmas season approaches, putting upward pressure on inflation.
Furthermore, he pointed to unpredictable weather patterns, noting that the insufficient rainfall would lead to higher prices for grains and other food items.
“If officials are fair and honest, and the government statistician avoids using inflation figures for propaganda, then I can tell you with confidence that food items such as maize and beans are going to become extremely expensive in the first quarter of 2026,” he warned.
The official inflation rate is reported at 11%, yet interest rates average 25%. This significant gap doesn’t add up and raises serious questions. It makes me wonder if the figures are being manipulated to mislead Ghanaians.
Dr. Anomah concluded by advising Ghanaians to prepare for a period of increasing commodity prices.
