Nationalism Beyond Politics: Low Inflation Rate and Rising Costs - Series III

Nations do not rise only because governments introduce policies or leaders make promises. Nations rise when citizens themselves develop a collective sense of responsibility toward the progress of their country. Patriotism is not merely about singing the national anthem or waving the national flag during national celebrations. True nationalism is reflected in the everyday attitudes and decisions of citizens, especially during moments when the country is attempting to recover from economic hardship and rebuild public confidence.

Ghana today finds itself in such a moment. After years of severe economic struggles, rising inflation, unbearable hardship, and a weakening cedi under the administration of former President Nana Akufo-Addo, the country is gradually witnessing signs of economic recovery under President John Dramani Mahama. Many Ghanaians still remember the painful years when prices of goods increased almost weekly, transport fares kept rising continuously, businesses suffered uncertainty, and the ordinary citizen struggled to survive under intense economic pressure.

The figures themselves tell an important story. In 2021, the cedi traded around GH¢5.7 to one US dollar, but by late 2022, the exchange rate had crossed GH¢13 to the dollar during one of the worst periods of currency depreciation in recent history. By the end of 2024, the exchange rate had further deteriorated to nearly GH¢14.7 to one dollar, while inflation also surged beyond 23 percent during that difficult period. Many households experienced severe hardships as food prices, fuel costs, rent, transport fares, and imported goods became increasingly expensive. The depreciation of the cedi affected nearly every sector of the economy and weakened public confidence significantly.

Today, however, the economic atmosphere appears gradually different. Since 2025, inflation has slowed considerably, dropping from over 23 percent in 2024 to nearly single-digit levels in recent months, while the cedi has regained relative strength and stability against the dollar. Current interbank figures show the cedi trading around GH¢10 to GH¢11 to the dollar in parts of 2025 and early 2026, compared to the severe depreciation witnessed previously. Confidence is gradually returning to the economy, and many economic observers acknowledge that efforts to stabilize the country’s finances are beginning to produce visible results. In simple language, the government has worked hard to arrest and discipline the once stubborn dollar and make it obey the cedi again. Are traders making sure Ghanaians enjoy lower prices of goods and services when inflation is now kept low by the Mahama regime?

Ordinarily, such economic improvement should naturally bring relief to the ordinary Ghanaian. When inflation drops and the local currency strengthens, prices of imported goods are expected to reduce gradually. Spare parts, electronics, fuel-related products, food items, transport charges, and many market goods should begin reflecting the improved economic conditions. This is how healthy economies respond when citizens and businesses operate with fairness and national consciousness.

Sadly, that has not become the reality in many parts of the country.

Across major commercial centers such as Accra, Kumasi, Takoradi, and Tamale, many traders continue to maintain excessively high prices despite the improving strength of the cedi. In markets and trading centers, consumers still complain that the prices of goods remain largely unchanged even though the dollar has weakened considerably compared to previous years. Some traders continue to rely on old exchange rates to justify high prices while refusing to acknowledge the current economic improvements.

The situation is even more worrying among some spare parts dealers. In places such as Abossey Okai in Accra and Suame Magazine in Kumasi, many customers continue to express frustration over the refusal of some dealers to reduce already inflated prices. Vehicle owners and commercial drivers who previously blamed the rising dollar for expensive spare parts now expect some level of reduction, yet many businesses appear unwilling to respond accordingly. The burden eventually falls on ordinary citizens who continue paying higher transport fares and maintenance costs despite improvements in the economy.

Commercial transport operators have also been slow in adjusting fares to reflect easing inflation and improving economic conditions. Interestingly, during periods of economic decline and fuel increases, transport fares were adjusted almost immediately. However, now that some economic indicators are improving, many operators appear reluctant to pass the benefits onto passengers. Such attitudes create the impression that hardship is quickly transferred to citizens, but relief is intentionally delayed when conditions improve.

These individual actions may appear normal to some people, but collectively they undermine the spirit of nationalism and weaken public confidence in economic recovery. A country cannot progress when citizens only respond positively during difficult times but refuse to support recovery efforts when improvement begins to emerge. Nationalism demands fairness, sacrifice, honesty, and a shared commitment toward national progress regardless of political affiliation.

Unfortunately, the current situation also creates political opportunities for the opposition Minority NPP to score partisan points by arguing that the economy is not genuinely improving because prices remain high in the markets. Ironically, some of the same political actors now criticizing the situation were associated with the very economic mismanagement that contributed significantly to the hardship Ghanaians experienced under the Akufo-Addo administration. Instead of supporting national recovery efforts, partisan politics continues to dominate national conversations at the expense of collective progress.

Ghana must rise above this dangerous political culture where every issue is interpreted through party lenses rather than national interest. If the cedi performs well, citizens should support that progress by adjusting prices fairly. If inflation reduces, businesses should allow ordinary people to experience the benefits in their daily lives. Economic recovery should not become a political weapon used either to frustrate government efforts or to create unnecessary public dissatisfaction.

Countries that achieved sustainable development did so because citizens embraced discipline, patriotism, fairness, and national unity. Development is never achieved through constant political hostility, economic selfishness, or deliberate attempts to frustrate national progress. Ghana cannot build a prosperous future if politics continues to overshadow patriotism.

As this discussion opens the Nationalism Beyond Politics series, Ghanaians must begin reflecting seriously on the attitudes slowing national development. Citizens must relearn the spirit of nationalism beyond party colors, personal interests, and short-term political gains. The national flag of Ghana must always remain bigger than partisan politics.

If the economy improves, citizens must allow the ordinary Ghanaian to feel the improvement through reduced prices, fair business practices, and responsible economic behavior. That is how nations build trust, unity, and sustainable development.