The Founding President of the UP Tradition Institute, Dr. Razak Kojo Opoku, has attributed Ghana’s lower inflation rates in 2025 to the strong macroeconomic foundation laid by former President Nana Addo Dankwa Akufo-Addo’s administration in 2024.

In a detailed analysis released over the weekend, Dr. Opoku argued that the National Democratic Congress (NDC) government’s apparent inflation success is largely the result of the lower Consumer Price Index (CPI) data achieved under the New Patriotic Party (NPP) government in the latter half of 2024.

According to data from the Ghana Statistical Service (GSS), the CPI rose from 229.4 in August 2024 to 255.7 in August 2025, representing a 26.3-point increase over the period.

This, he explained, 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.

Dr. Opoku clarified that while inflation measures the rate of change in prices, the CPI reflects the actual cost of goods and services — and it is the latter that directly affects household budgets.

He noted that from August to December 2024, the Akufo-Addo administration achieved comparatively low CPI figures —

August 2024: 229.4

September 2024: 235.8

October 2024: 237.8

November 2024: 243.9

December 2024: 248.3

“These figures have provided a low statistical base, making it easier for the NDC government to record lower inflation rates between August and December 2025,” Dr. Opoku stated.

He further explained that the sharp drop in inflation from 21.5% in September 2024 to 9.4% in September 2025 can be attributed to several key factors, including:

Base effects – inflation comparisons are being made against already high 2023–2024 levels.

A stronger Cedi following successful IMF interventions secured by the previous NPP government.

Reduced global price pressures, especially in oil markets.

Seasonal bumper harvests temporarily eased food prices.

However, Dr. Opoku cautioned that Ghanaians should brace for higher inflation in 2026, as the CPI under Mahama’s government has been consistently higher in 2025:

January 2025: 252.6

February 2025: 255.9

March 2025: 256.5

April 2025: 258.6

May 2025: 260.5

June 2025: 257.3

July 2025: 259.1

August 2025: 255.7

“The steady decline in inflation in 2025 is a direct outcome of the stable base established by Akufo-Addo’s economic management.

The reality, however, is that Ghanaians are facing higher prices because of the elevated CPI under the current administration,” he added.

Dr. Opoku emphasised that “high CPI plus lower inflation means prices remain high, only climbing more slowly”, noting that citizens feel the pain of rising costs rather than the statistical comfort of declining inflation rates.

He also argued that good governance must be measured by a broad set of indicators — including job creation, wages, access to education and healthcare, infrastructure development, and social safety nets — not just inflation figures.

“Lower inflation in a context of higher CPI, unemployment, weak incomes, and inequality cannot be celebrated as genuine progress,” Dr. Opoku asserted.

He expressed disappointment that, with only three months left in 2025, there is “no visible evidence” of the much-publicized 24-hour economy and Big Push Project promised by President Mahama’s government.

“A lot is expected from the current administration,” Dr. Opoku concluded, calling for pragmatic leadership to deliver on its economic promises and improve living conditions for Ghanaians.