Kojo Oppong Nkrumah, the ranking member of Parliament’s Economy and Development Committee, has described the country’s recent low inflation figures as artificial and fragile, warning that the apparent stability may not reflect the underlying economic realities.
Speaking on Accra-based Joy FM on Wednesday, March 4, 2026, the MP for Ofoase-Ayirebi emphasised that while headline inflation appears low, structural challenges in the economy continue to pose risks to price stability.
Oppong Nkrumah highlighted rising import costs, currency fluctuations, and persistent supply chain issues as potential triggers that could quickly erode the current gains in inflation control.
He also stressed the importance of sustained fiscal discipline and effective policy implementation to ensure that inflation remains manageable in the long term.
He said, “I submit respectfully that when you are not doing much about the cost-push side, that is when the Bank of Ghana will come in to do heavy sterilisation to suck out the money. So there’s very little money for people to demand.”
He added, “In plain terms, people don’t have purchasing power… Products are still in the market, but buyers cannot afford them.”
His comments come after Ghana’s disinflation trend continued in February 2026, with year-on-year inflation falling to 3.3 per cent from 3.8 per cent in January and a steep 23.1 per cent a year earlier.
According to new data from the Ghana Statistical Service (GSS), the Consumer Price Index (CPI) rose to 264.4 in February 2026 from 255.9 in the same month last year, producing an annual inflation rate of 3.3 per cent. Month-on-month inflation stood at 0.8 per cent, reflecting moderate price increases between January and February.
February marks the 14th consecutive month of declining year-on-year inflation since January 2025 and the lowest rate recorded since the 2021 CPI rebasing. In total, inflation has fallen by nearly 20 percentage points over the past year.
The slowdown was driven largely by food prices. Food inflation, which makes up 42.7 per cent of the CPI basket, dropped to 2.4 per cent from 3.9 per cent in January. On a monthly basis, food inflation slowed sharply to 0.2 per cent from 1.1 per cent.
In contrast, non-food inflation rose slightly to 4.0 per cent from 3.8 per cent, with month-on-month inflation rebounding to 1.2 per cent after a -0.5 per cent decline in January.
