Empty Pockets: NPP Says Falling Inflation Has Not Put Cash in Ghanaians' Hands

The New Publisher's front page frames the debate over Ghana's economy as a gap between the numbers and the pocket. The opposition NPP argues that official inflation figures do not tell Ghanaians how they are really doing. The government points to a recovery it says is measurable.

The NPP's argument. On Tuesday, 10 November, the party's Finance Committee Ranking Member, Dr Mohammed Amin Adam, spoke for the Minority. The NPP statement distinguishes a "paper economy" from a "pocket economy," a distinction drawn by its flagbearer, Dr Mahamudu Bawumia.

It concedes that lower inflation, a stronger external position and better reserves matter, but says they are not a complete measure of welfare. The real test, it says, is whether stabilisation becomes jobs, real earnings, affordable essentials and viable businesses. Earlier, Kojo Oppong Nkrumah made a similar point: falling inflation only means prices are rising more slowly, not that they have fallen.

The accountability demands. The NPP wants the government to account for the 24-Hour Economy before unveiling a new programme. It says the promised US$4 billion was not raised, with only GH¢110 million allocated in the 2026 budget.

It also says an official could not give a figure for jobs created when asked on 19 October, and that the proposed "New Economy" overlaps with existing projects and with Feed Ghana.

What the data shows. The picture is mixed. Inflation rose for a third straight month to 5.5 per cent in October from 5.2 per cent in September, yet that is still 2.5 points below the 8 per cent recorded a year earlier. Non-food inflation quickened to 7.9 per cent and drove roughly three-quarters of overall inflation, while food inflation eased to 2.8 per cent.

The Government Statistician called it "one national rate, many local experiences." That phrase largely captures the NPP's point about uneven household experience, though the Statistician did not frame it as a criticism of policy.

The government's case. Finance Minister Dr Cassiel Ato Forson says "bold reforms" produced lower inflation, a steadier cedi and returning investor confidence. Official figures show the economy grew 6.0 per cent in the second quarter of 2026.

NDC MPs have also hit back, with Atta Issah challenging the Minority and saying the Finance Minister's expenditure execution rate of 94.4 per cent in 2025 compares with NPP-era rates of 94.5, 95.7 and 96.5 per cent in 2017 to 2019.

The NPP counters that the recovery rests on the IMF programme the NPP secured in May 2023, when inflation had already fallen from 54.1 to 23.8 per cent.

The test ahead. Dr Ato Forson presents the 2027 Budget to Parliament on 12 November. It is expected to outline the New Economy Agenda, focused on turning recovery into jobs and higher household incomes. The question for both sides is the same one the front page poses: whether stability shows up in real earnings and prices people can afford.

Mustapha Bature Sallama
Medical/ Science Communicator,
Private Investigator, Criminal Investigation and Intelligence Analysis,

International Conflict Management and Peacebuilding. (USIP)

[email protected]
+233555275880
References
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GNA, "Ghana's inflation edges up to 5.5 per cent in October": https://gna.org.gh/2026/11/ghanas-inflation-edges-up-to-5-5-per-cent-in-october/

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