BoG maintains grip on inflation as traders heap praises for improved economy

Traders at the Accra Central Market say falling food prices and improved supply conditions are easing pressure on livelihoods, crediting tighter economic management and stabilising inflation.

Several traders who spoke to journalists described a sharp contrast between last year’s losses and current market conditions, particularly in tomatoes, pepper, and onions, which have seen significant price drops due to abundant supply.

A tomato trader recounted the difficulties of the previous year. “Last year I sold tomatoes worth GHC2,800, and after selling, I recorded a loss of GHC1,000,” she said. “Back then, when someone wanted to buy for GHC800, I couldn’t even sell it.”

She explained that the situation has improved considerably.

“These days, a box of tomatoes can go for GHC2,500. For the small baskets we sell, they go for GHC200,” the trader noted. “We thank God we are comfortable now.”

Another trader dealing in pepper pointed to a box displayed nearby as evidence of the turnaround.

“This box of pepper used to be GHC400 last year,” she said. “This year it didn’t even cost GHC80. Things are great now, but people are not buying much because pepper is in abundance and very cheap.”

An onion trader shared a similar experience, highlighting how supply conditions have shifted.

“Last year, you couldn’t buy onions at all,” she said. “These sacks used to go for GHC900 or GHC950. Today it’s GHC400, GHC450. It’s plenty and it’s cheap.”

She added a political note to her comments, saying, “We pray God blesses President John Mahama so he can consolidate these economic gains in 2025.”

The improved market conditions come against the backdrop of sustained disinflation driven by the Bank of Ghana’s tight monetary policy stance. The central bank has relied on significant interest rate hikes, open market operations to absorb excess liquidity, and the Gold Purchase Programme to strengthen foreign reserves and stabilise the cedi.

These measures have contributed to a broad-based decline in headline inflation, which has fallen from elevated levels earlier in 2025 to around the Bank of Ghana’s single-digit target by the end of the year.

For traders at the Accra Central Market, the impact is being felt most clearly in lower foodstuff prices and reduced losses, even as concerns remain about consumer purchasing power despite the abundance of goods.