Economist Dr. George Domfe has raised concerns over whether Ghana’s recent decline in inflation is translating into real benefits for ordinary citizens, cautioning that the improving figures may not reflect conditions on the ground.

Speaking on the January 2026 inflation data, which showed headline inflation easing to 3.8 percent—the lowest level in nearly 27 years—Dr. Domfe acknowledged that falling inflation is generally positive but questioned its real-world impact.

“When inflation comes down, it is good. It enhances welfare, but is it reflecting? If on paper it is coming down and it is not reflecting the realities on the ground, then the so-called welfare that we are talking about becomes meaningless,” he said on Citi Eyewitness News.

He added:

“Some of us have problems. I do not know why inflation is dropping so much.”

Ghana’s disinflationary trend has been pronounced. Headline inflation declined from 23.5 percent in January 2025 to 3.8 percent in January 2026, marking the 13th consecutive monthly decline since the rebasing of the Consumer Price Index. Food inflation slowed to 3.9 percent, while non-food inflation also fell to 3.9 percent, pointing to broad-based easing across key sectors.

Meanwhile, the Minority in Parliament has dismissed government claims of economic recovery, arguing that recent improvements in macroeconomic indicators exist largely on paper.

According to the caucus, despite the positive figures being highlighted by the government, many Ghanaians are yet to experience meaningful relief, particularly in the cost of living.

Speaking to journalists on Wednesday, February 4, the Member of Parliament for Bosome-Freho, Nana Asafo-Adjei Ayeh, insisted that economic conditions were better in previous years, even when inflation levels were higher.