Economic gains not improving livelihoods of Ghanaians – Oppong Nkrumah

The Ranking Member on Parliament’s Development and Economy Committee, Kojo Oppong Nkrumah, has questioned the impact of Ghana’s improving economic indicators on the livelihoods of ordinary citizens, insisting that the gains are not being felt in their pockets.

He argued that although the government continues to highlight declining inflation and other positive economic figures, businesses and households are still struggling with weak consumer demand.

Speaking at a press conference on Tuesday, November 10, ahead of the presentation of the 2027 Budget, the former Information Minister said the figures being published do not reflect the economic realities facing Ghanaians.

“They publish nice figures on paper, which figures have no bearing to the reality that Ghanaians are experiencing in their daily lives,” he said.

Oppong Nkrumah specifically challenged the government's emphasis on the decline in inflation to 5.5 per cent, arguing that the improvement had not necessarily resulted from increased production or better living conditions.

He attributed the decline partly to what he described as excessive monetary tightening by the Bank of Ghana, which he claimed had reduced the amount of money available for spending in the economy.

He cited the Bank of Ghana's 2025 accounts, claiming that the central bank had locked away GH¢93 billion to manage demand.

He further alleged that the tightening measures had cost the central bank GH¢16 billion.

According to him, the policy had weakened purchasing power and left businesses struggling to attract customers, despite improvements in some economic indicators.

“When there's no money in your pocket, you cannot buy,” he said.

He said traders across the country are reporting low sales, adding that the opposition had received videos from business operators to illustrate the situation.