Dr. Samson Anomah, an economist and senior lecturer at the Kumasi Technical University’s Department of Accounting and Information Systems, has advised Ghanaians to prepare for a significant increase in the prices of food and other goods.
Dr. Anomah acknowledged that the recent appreciation of the cedi against the U.S. dollar contributed to a reduction in the inflation rate. However, he cautioned that these gains are likely to be short-lived.
“The appreciation of the Ghana cedi was for a short period,” he stated. “The dollar is not readily available in the forex market. The rate quoted by the central bank does not reflect the reality on the ground. The dollar is rapidly appreciating against the cedi, and we will not see it go down again.”
He explained that the demand for the dollar is expected to surge as the Christmas season approaches. “From now until the end of the first quarter of 2026, the demand for the dollar will increase, which will drive the inflation rate higher,” he projected.
During an interview on Frontline on Rainbow Radio 87.5 FM, Dr. Anomah emphasised that Ghana’s lack of a strong economic buffer will lead to an astronomical rise in the cost of food.
“We do not have a strong buffer, and so the cost of staples like beans, yam, maize, and other commodities will increase,” he stressed. He added that the insufficient rainfall this season would also negatively impact food prices.
Dr. Anomah urged the Ghana Statistical Service to be transparent with the public and to accurately report that food prices will rise, rather than “massaging the figures.”
Dr. Anomah added that Ghanaian traders have also discovered that the appreciation of the cedi was not sustainable. Now that the reality is setting in, they are adjusting their prices accordingly.
He further noted that the minimization of imported products is also causing the prices of goods to increase.
By: Rainbowradioonline.com/Ghana
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