Inflation: The Silent Thief Draining Ghanaian Households —- In the good old days, when a ten cedi note could buy you a small feast at the local chop bar, who would have thought that one day, the same ten cedis would barely afford you a bottle of water and a sachet of groundnuts?
If there’s any doubt, the latest Consumer Price Index (CPI) report from the Ghana Statistical Service (GSS) makes it clear; inflation for January 2025 stands at 23.5%.
To the man on the street, these figures may sound like distant thunder, but in reality, their impact is felt in every market and every home. Inflation may have dipped slightly from 23.8% in December, but prices are still climbing, just at a slower pace. The cost of essentials remains high, and for many households, there is little relief at the checkout counter.
But to the market woman at Kaneshie, the trotro driver in Kumasi, and the struggling father trying to keep his children in school, inflation is not an abstract concept, it is a daily tormentor. What Do These Numbers Mean?
Let’s break it down. In simple terms, inflation means prices are rising, and your hard-earned cedi is losing weight faster than a New Year’s resolution gone wrong. The food inflation rate has hit a shocking 28.3%, meaning that the price of our beloved kenkey, waakye, and plantain has skyrocketed beyond the reach of many.
On the other hand, non-food items, like rent, fuel, and electricity, saw a 19.2% increase. And if you live in the Upper West Region, I have bad news. Inflation in that part of the country is as high as 34.3%, meaning your salary is practically evaporating before it even lands in your bank account.
Meanwhile, the Volta Region enjoys some relief with the lowest inflation at 17.1, perhaps, a reason to consider relocating if your pockets can no longer endure Accra’s economic heat. The Silent Thief in Our Homes Inflation is a silent thief that creeps into our homes, stealing purchasing power and forcing families to make tough decisions. Do you buy a bag of rice, or do you pay your child’s school fees?
Do you fuel your car, or do you take a break from driving for a while? It is no surprise that more Ghanaians are resorting to the ‘Omo Ada’ lifestyle, eating only once a day, not out of choice, but out of necessity. Who is to Blame? The question that never gets a straight answer! Some will say the government is not managing the economy well. Others will blame global factors, oil prices, currency depreciation, and international trade disruptions.
But for the ordinary Ghanaian, the question is simple: When will things get better? A Call to Action Fellow Ghanaians, while we wait for economic miracles, let us also be proactive. This is the time to be wise about spending. Cut down on unnecessary expenses, embrace homegrown alternatives, and support local businesses.
And for our leaders, the plea is simple: let these inflation numbers not just be figures on a report, but a call to action. Let policies reflect the real struggles of the people and bring relief before things get out of hand.
For now, as we hold onto our wallets with dear life, let’s hope that the next CPI report brings better news. But until then, the price of gob3 (gari and beans) continues to rise, and so does the frustration of the Ghanaian people.
God be our helper! | Accra Street Journal