Economist Dr. Evans Nunoo says the recent easing of Ghana’s inflation provides a crucial opportunity for local producers to strengthen industrialization while keeping prices stable for consumers.
Ghana’s inflation rate fell to 3.8% in January 2026, the lowest level since the 2021 rebasing of the Consumer Price Index (CPI), marking the 13th consecutive month of decline, according to the Ghana Statistical Service.
While overall inflation has eased, locally produced goods have seen smaller price increases compared to imported products, highlighting a chance for domestic industries to compete effectively.
Speaking on Morning Starr with Naa Dedei Tettey on Thursday, February 5, Dr. Nunoo said, “Yes, now [locally produced goods] fully compete with foreign goods, but we also have to pay attention to quality… if you don’t have the right machinery, if we don’t improve on the quality though price will be coming down, if people taste it and feel the quality is not of the right standard, then… you are likely to lose that person forever.”
READ: Africa trapped in conflict and poverty, thrives on handouts and humanitarian aid from the developed world – Mahama
He further stressed the importance of maintaining high standards, noting, “Ghanaians are very rational. They would want to compare quality between the local ones and the foreign ones… no matter how hard you try, if people feel that our products are not of the right quality, they will still stick to their foreign counterparts.”
Dr. Nunoo said the current trends offer a favorable environment for local businesses to plan production, improve competitiveness, and encourage wider adoption of locally made goods, reinforcing the government’s economic objectives.
Source: Starrfm.com.gh
Lower inflation creates opportunities for local industry – Economist
