Ghana’s cost of living has eased noticeably in recent months, according to the Minister of State in charge of Government Communications, Felix Kwakye Ofosu, who attributes the improvement largely to declining fuel prices and reduced import costs.
Addressing the Government Accountability Series on Wednesday, January 14, the Minister said recent economic indicators point to tangible relief for households, stressing that the impact is being felt in everyday transactions across the country.
Mr Kwakye Ofosu encouraged the public to assess the progress objectively, arguing that while criticism of government policy is necessary, denying visible improvements serves no useful purpose.
“There is nothing wrong with critiquing government actions, but ignoring what is clearly evident does not help. It is like swimming against a waterfall—you simply will not succeed,” he stated.
He noted that the most direct way for citizens to confirm the change is through routine purchases, particularly fuel.
“When you go to the pump, you can easily compare what you used to pay with what you pay today,” he explained, adding that although further reductions would be welcome, the current trend reflects effective economic management.
The Minister, however, acknowledged that broader structural issues remain, especially the imbalance between imports and exports. He emphasized that government efforts are focused on addressing these challenges to ensure long-term economic stability.
“Closing the gap between imports and exports will take time. Once we strengthen import substitution, we can then expand our export capacity,” he said, reaffirming the government’s commitment to sustaining the gains achieved so far.
