Economist and policy analyst, Dr. Razak Kojo Opoku, has challenged the credibility of the National Democratic Congress (NDC) government’s reported lower inflation figures for 2025, attributing them largely to the lower Consumer Price Index (CPI) data achieved by the New Patriotic Party (NPP) administration in 2024.
In a detailed analysis released over the weekend, Dr. Opoku argued that the Mahama-led administration is benefiting from the economic groundwork laid by the Akufo-Addo government, particularly in the area of price stability between August and December 2024.
Base Effects Masking Reality
According to him, the reported decline in inflation — from 21.5% in September 2024 to 9.4% in September 2025 — is largely a result of “base effects,” a phenomenon where inflation appears lower when compared to already high prices from the previous year.
“Prices had already risen sharply in 2023 and 2024, so when measured against those high levels, the rate of increase in 2025 appears smaller,” he explained. “This does not mean goods are cheaper; it only means the pace of price growth has slowed compared to an already inflated base.”
Data Comparison
Citing figures from the Ghana Statistical Service (GSS), Dr. Opoku noted that the CPI rose from 229.4 in August 2024 to 255.7 in August 2025, representing a year-on-year increase of 26.3 points.
“This means that the same basket of goods and services that cost GHS 229.40 in August 2024 now costs GHS 255.70 in August 2025,” he said.
He emphasized that while the NDC is reporting lower inflation, the real issue lies in the higher CPI levels being recorded under the current administration, indicating that the cost of living remains high for ordinary Ghanaians.
Akufo-Addo’s “CPI Cushion”
Dr. Opoku credited the Akufo-Addo government with maintaining lower CPI figures in the latter part of 2024, which he said has provided statistical relief for the Mahama administration in 2025.
He listed the CPI data for August to December 2024 as follows:
August 2024 — 229.4
September 2024 — 235.8
October 2024 — 237.8
November 2024 — 243.9
December 2024 — 248.3
“These lower CPI levels have become the base against which Mahama’s government is calculating its inflation rates, creating the impression of improvement,” he argued.
NDC’s Higher CPI Trend in 2025
Dr. Opoku presented CPI figures for the first eight months of 2025 under the Mahama government, showing consistently higher data compared to 2024:
January — 252.6
February — 255.9
March — 256.5
April — 258.6
May — 260.5
June — 257.3
July — 259.1
August — 255.7
He warned that these higher CPI levels could translate into higher inflation rates in 2026, adding, “The facts show that Ghanaians are likely to face renewed inflationary pressures next year.”
Beyond Inflation: The Real Economic Picture
Dr. Opoku cautioned against celebrating falling inflation numbers without addressing the underlying economic hardship faced by households.
“Ghanaians feel the burden of the CPI level, not the inflation percentage,” he said. “Mahama’s government may tout lower inflation, but prices remain high, wages are stagnant, and inequality persists.”
He added that genuine economic progress should be measured across multiple indicators such as job creation, income growth, access to quality education, healthcare, and infrastructure development — not inflation alone.
Call for Delivery on Promises
Dr. Opoku also criticised the Mahama administration for what he described as a lack of progress on flagship policies, including the 24-hour economy and the Big Push Project, which were key campaign promises.
“With only three months left in 2025, there is no evidence of the 24-hour economy in operation, nor any visible sign of the Big Push Project promised to Ghanaians,” he lamented.
He concluded that while the NDC may boast of “lower inflation,” the data and lived experiences of citizens tell a different story — one of persistent economic strain amid statistical optimism.
