“Behind This Single-Digit Inflation They Are Boasting About Is a Struggling Economy” — Former Finance Minister Amin Adam
Accra, Ghana — Former Finance Minister Dr. Mohammed Amin Adam delivered a sharp critique of the 2026 Budget Statement on the floor of Parliament, arguing that investor sentiment, market performance, and real inflation conditions contradict the government’s optimistic narrative.
Addressing the House during the 2026 budget debate, Dr. Amin Adam said the government’s claims of economic revival were not supported by empirical data or the reaction of financial markets.
Dr. Amin Adam said that since January 2025, government has conducted 45 Treasury bill auctions, but 25 of them failed, a situation he described as a clear signal of deteriorating market confidence.
“If you want to know one of the measures to determine confidence in an economy, it is the market how investors patronise your instruments,” he said. “Forty-five Treasury auctions conducted since January 2025 failed. If 55% of your Treasury auctions failed, it means confidence in the management of the economy collapsed.”
He added that even after the presentation of the 2026 Budget, which government claimed would restore optimism, the market responded negatively. “Two days after presenting the budget, the market rejected your debt instruments. Your Treasury bills suffered 30% rejection. That is a vote of no confidence in the economy.”
The former finance minister acknowledged that single-digit inflation is positive for any economy, noting that the Akufo-Addo administration achieved single-digit inflation in both 2018 and 2019.
But he argued that the current single-digit figure is misleading because essential household items have recorded sharp price increases, worsening living conditions.
Citing data from the Ghana Statistical Service (GSS), he provided detailed comparisons arguing that households feel more pressure now than last year. In September 2024, year-on-year, the inflation for water classified was 2.8 percent. Inflation by classification, year-on-year, 2.8 percent. September this year, it was 3.6 percent. August was actually higher, 3.9 percent, August this year. Milk and eggs, milk and eggs. September 2024, the rate of inflation year-on-year was 8.6 percent. September this year, 2025, Mr. Speaker, it is 20.1 percent. August was even higher, as high as 37 percent. Oil and fats, I'm talking about cooking oil, palm oil, walnut oil, groundnut oil. Mr. Speaker, September 2024, the inflation was 7 percent. Sadly, September this year, 2025, it was 44 percent. In August, it was actually 53 percent. Mr. Speaker, you can see this trend with fruits and nuts. You can see the same trend with coffee and coffee substitutes.
“Behind this single-digit inflation they are boasting about is a struggling economy, depriving people of decent livelihoods,” he stated.
Dr. Amin Adam concluded that despite worsening household conditions and collapsing market confidence, the government’s policy focus has drifted away from addressing the needs of ordinary Ghanaians.
“Amidst these economic difficulties, the priorities of this government have shifted from the people,” he said.
The debate on the 2026 Budget continues, with government expected to respond to the concerns raised by the minority.
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