Cost of living has risen massively despite lower inflation

New Patriotic Party (NPP) flagbearer Dr Mahamudu Bawumia

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NPP flagbearer Dr Mahamudu Bawumia has acknowledged the decline in Ghana’s inflation rate but argued that the cost of living remains significantly higher despite the recent easing in price pressures.

Speaking at the NPP’s National Delegates Conference in Kumasi on Saturday, October 3, Dr Bawumia said a reduction in the rate of inflation should not be interpreted as a reduction in the prices of goods and services.

He said Ghanaians were still paying substantially more for basic goods and services than they did previously.

Dr Bawumia also noted that although the Ghanaian cedi had recorded relative stability, businesses continued to face significant difficulties.

He said the stability of the currency had not eliminated the pressures confronting businesses, with many still struggling with the cost of operating and sustaining their activities.

He made the remarks as part of his assessment of the economy while addressing NPP delegates at the conference, where the party is electing new national executives.

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