I believe Ghanaians will get to know the real inflation data of the NDC in 2026.
It is also easy to predict higher inflation rates in 2026 due to higher CPI recorded in 2025 by Mahama’s government.
According to the Ghana Statistical Service, the CPI stood at 229.4 in August 2024 and rose to 255.7 in August 2025. This is an increase of 26.3 points in just one year.
In simple terms, it means that on average, the same basket of goods and services that cost households GHS 229.40 in August 2024 now costs GHS 255.70 in August 2025.
The Consumer Price Index(CPI) measures changes in the price of a fixed basket of goods and services purchased by households, while the Consumer Price Inflation is the rate at which the prices of goods and services bought by households rise or fall. It is measured as the percentage change in the CPI between two periods.
Lower CPI Achieved by Akufo-Addo’s Government
Akufo-Addo’s government from August – December 2024 achieved low CPI figures, and this has been very useful to Mahama’s government in terms of recording lower inflation rates for the months of August and September 2025. This trend of lower inflation rates will continue untill December 2025.
Below are the CPI figures obtained under Akufo-Addo’s government from August – December 2024:
229.4 CPI – – August 2024
235.8 CPI – – September 2024
237.8 CPI – – October 2024
243.9 CPI – – November 2024
248.3 CPI – – December 2024
These aforementioned lower CPI data recorded under Akufo-Addo’s government is helping Mahama’s government to achieve lower inflation rates from August-December 2025.
The fall in inflation rates from 21.5% in September 2024 to 9.4% in September 2025 is partly due to the:
1. Base Effects
Prices had already risen sharply in 2023 and 2024, so when measured against those high levels, the rate of increase in 2025 under Mahama’s government appears smaller. This does not mean that goods and services are cheaper, it only means that the pace of price growth has slowed compared to an already inflated base.
2. A stronger Cedi following IMF Interventions secured successfully by Akufo-Addo’s government. This has reduced the cost of imports.
3. Lowered external price pressures, especially for global oil.
4. Seasonal bumper harvests temporarily eased some food prices.
The facts and data show that, Mahama’s government since January – August 2025 has recorded CPI figures higher than what Akufo-Addo’s Government recorded, and the net effect is that, Ghanaians are going to experience higher Inflation rates throughout 2026.
Below are the CPI figures recorded by Mahama’s government since January 2025:
252.6 CPI – – January 2025
255.9 CPI – – February 2025
256.5 CPI – – March 2025
258.6 CPI – – April 2025
260.5 CPI – – May 2025
257.3 CPI – – June 2025
259.1 CPI – – July 2025
255.7 CPI – – August 2025
The steady drop in inflation in 2025 shows that Akufo-Addo’s government did a good job in 2024, especially in the area of CPI Data.
High CPI + Lower Inflation Rate = Prices remain high, only climbing more slowly under Mahama’s government.
The general public, consumers, and Ghanaians at large feel the burden of the CPI level, not the inflation percentage. Lower CPI drives the actual purchasing power of Ghanaians, not lower Inflation rates.
Under Mahama’s government, we are rather experiencing higher CPI but lower inflation rates, and this is why many Ghanaians still feel that goods and services are expensive despite government reports of falling inflation.
Mahama’s inflation statistics may tell a story of progress, but household budgets tell a story of continuous struggle largely due to the higher CPI figures recorded under Mahama’s government.
Good governance is more than lower inflation, and good governance must be judged across multiple indicators such as job creation, wages/salaries, access to quality education, healthcare, infrastructure development and social safety nets.
Inflation is just one measure of macroeconomic stability.
Lower Inflation in a context of higher CPI, higher unemployment rate, weak incomes, and persistent inequality under Mahama’s government can not be celebrated as genuine progress.
A lot is expected from Mahama’s government, including the implementation of the 24-hour economy and Big Push Project.
With 3 months to the end of 2025, there is still no sign of the 24-hour economy, and evidence of Big Push Project promised to Ghanaians.
… Signed…
Razak Kojo Opoku(PhD)
Founding President of UP Tradition Institute
