Dr. Samson Onomah, a Ghanaian economist, has criticized the government’s reported inflation rate, labeling it as false.
He specifically singled out the Government Statistician, Dr. Alhassan Iddrisu, who began his acting tenure in April 2025.
According to Dr. Onomah, the inflation rate presented by the government and Finance Minister Dr. Cassiel Ato Forson “does not represent the true reflection of the realities in our markets.”
Dr. Onomah expressed reservations about the “artificial inflation rate” reported by the Government Statistician.
In response to the mid-year budget review submitted to Parliament by the Finance Minister on Thursday, July 24, 2025, Dr. Onomah argued, “we cannot have a hike in the interest rate and a sharp reduction from 28 percent to the current 13 percent in the inflation rate.” He described this as “unrealistic and undermining the realities we are currently witnessing.”
Dr. Onomah suggested that the Government Statistician might be engaging in “political propaganda to please his paymasters by miscalculating our inflation rate.”
He further contended that the mid-year budget revealed a lack of significant government achievements or tangible results. Dr. Onomah noted that while the presentation mentioned a stable economy, a stabilized cedi, and a reduction in the inflation rate from around 28 percent to 13.7 percent, it did not provide the true reasons behind these figures. He also questioned the practical impact of the reported inflation decrease, stating, “we cannot clearly see its reflection in our markets, therefore rendering it useless.”
Dr. Onomah expressed concern that the Minister “refused to touch on the interest rate, which is around 29 percent,” finding it troubling to highlight a 13 percent inflation rate when interest rates remain high.
Dr. Samson Onomah further challenged assertions of reduced market prices, stating, “the traders have reduced their prices because the dollar is not stable and not in circulation. This is what we have. This is the reality.” He expressed deep concern about the accuracy of information presented by politicians, stating, “We have a problem in this country. The politicians are lying to us, and they keep lying to us.”
Dr. Onomah conveyed his frustration with the “insincerity of Ghanaian politicians,” asserting that they are “not truthful.” While he refrained from directly accusing the Minister of “peddling falsehoods” or “presenting lies,” he maintained that the Minister “ran away from the facts and the realities.” In his view, the Minister “painted a picture of unrealistic issues.”
Here’s the proofread article, with corrections for grammar, spelling, and clarity:
On the exchange rates, he stated categorically that the ‘abokyi’ in the black market are the ones controlling the dollar rate, not the central bank.
“There is a shortage of the dollar in the market. The abokyi, the Nigerians, and other black market players have bought all the dollars, creating a shortage. The money is no longer in the system. There is no dollar in the system. When you go to the banks, you will hardly get the dollar. These are the realities. ‘Abokyi’ is selling the dollar at 14, and the banks can only give you up to $5,000, and what will you do with that quantity when you need more than $50,000 for your business? It is not enough,” he concluded in an interview on Nyankonton Mu Nsem on Rainbow Radio 87.5FM.
By: Rainbowradioonline.com/Ghana
