Macroeconomic Improvements Now Reflecting in Ghanaians’ Lives – Kwakye Ofosu

The Minister of Government Communications and Spokesperson for the President, Hon. Felix Kwakye Ofosu, has rejected claims that recent macroeconomic improvements have failed to ease the cost of living for ordinary Ghanaians, insisting that tangible reductions—particularly in fuel prices—are evident across the country.

Speaking at the Government Accountability Series today Wednesday 14th January, 2026, on the state of the economy, Hon. Kwakye Ofosu described assertions that economic gains have not reflected in people’s daily lives as “simply inaccurate.”

“It is not accurate that all the macroeconomic gains we’ve made have not reflected in the pockets of Ghanaians. That is simply not accurate,” he stated.

Drawing from personal experience, the Minister emphasized that he shares the same economic realities as ordinary citizens.

“I also live in Ghana. I go to the same markets and use the same services that we operationalize in this country. So I know for a fact—and it is not disputable—that there has been a decline in the cost of living,” he said.

Hon. Kwakye Ofosu pointed specifically to fuel prices as clear evidence of economic relief under the current administration. He noted that fuel costs have dropped significantly compared to prices under the previous government.

“Anybody who lives in Ghana and bought fuel under the previous government cannot say that fuel prices have not reduced,” he stressed.

To illustrate his point, the Minister cited his personal campaign vehicle.

“The vehicle I use for my campaign used to cost me 2,000 Ghana cedis to fill. Today, I use the same vehicle and it costs me 1,400 Ghana cedis. That is a saving of 600 Ghana cedis,” he explained.

According to him, such reductions clearly demonstrate that macroeconomic stability is translating into real savings for citizens.

“If you went to the pump in 2020 or 2024 and spent 2,000 Ghana cedis to fill your vehicle, and today you spend 1,400 for the same tank, you cannot say that the gains in the macroeconomy have not reflected in your pocket,” he argued.

Hon. Kwakye Ofosu further recalled a period when fuel prices surged as high as GH₵23 per litre, which translated to over GH₵100 per gallon, given Ghana’s 4.5-litre gallon measurement.

“There was a time when fuel sold at 23 cedis a litre—about 103 to 115 Ghana cedis per gallon. Today, it costs around 67 Ghana cedis a gallon. That is a clear reduction,” he said.

The Minister maintained that while challenges remain, it is misleading to suggest that the government’s macroeconomic interventions have not produced measurable relief for citizens.

Felix Kwakye Ofosu, dismissed claims that the cost of living remains high, insisting that prices of everyday items have fallen based on market realities and official parliamentary records.

According to him, extensive checks conducted on hundreds of items show a consistent reduction in prices, contrary to public perception. He said the evidence is not anecdotal but supported by data submitted to Parliament.

“I have a list of hundreds of items I have personally checked, and all of them have gone down,” Mr Kwakye Ofosu stated.

He referenced proceedings of Parliament’s Trade Committee following the presentation of the 2025 Budget, during which the Ghana Union of Traders’ Associations (GUTA) was summoned to explain concerns about price reductions amid improved macroeconomic conditions.

“When the 2025 Budget was presented, GUTA was invited before the Trade Committee of Parliament and asked why prices were perceived not to be coming down despite softening macroeconomic indicators,” he said.

Mr Kwakye Ofosu noted that GUTA, in its response, presented documentary evidence showing price reductions across thousands of products.

“GUTA produced evidence of about 4,500 items whose prices had been reduced, and that information is contained in the report of the Trade Committee. Parliament is the House of record,” he added.

Emphasising his personal experience as both a legislator and consumer, he maintained that the reductions are evident in markets across the country.

“I go to the same market you go to, so I know for a fact that items I used to buy at a certain price are no longer sold at that price,” he said.

He cited staple commodities such as maize, rice, sugar and cooking oil as examples of goods that have become cheaper compared to previous years.

“A sack of maize does not sell for what it sold for under the NPP. A bag of rice, a bag of sugar, a box of cooking oil — all of those have reduced,” Mr Kwakye Ofosu stressed.

The comments come amid ongoing public debate over the true state of living costs and the impact of recent economic policies on households.