Former Education Minister under the Nana Addo-led government, Dr Yaw Osei Adutwum, has made an astonishing claim that when inflation drops, it actually shrinks the economy.
Ghana’s inflation rate continued its downward trend, falling to 3.2% according to the latest data released by the Ghana Statistical Service (GSS).
This marks a slight decline from the 3.3% recorded in February 2026 and a dramatic drop from 22.4% in March 2025—representing a sharp 19.2 percentage point decrease year-on-year.
The GSS noted that this is the lowest inflation rate recorded since the 2021 rebasing exercise. It also marks the 15th consecutive month of disinflation since January 2025, signalling sustained macroeconomic stability.
However, speaking in an exclusive interview on Hot 93.9FM’s ‘Hot Morning Drive‘—hosted by Oman Nana—Dr. Yaw Osei Adutwum argued that a drop in inflation shrinks the economy rather than stabilising it.
According to the NPP stalwart, “Data shows that inflation has gone down… As I am seated here, if I want to shrink [my weight], it means I don’t have to eat; and if I don’t eat, then I will [shrink]. So, if you want inflation to go down, you don’t bring money into the system. But traders are complaining that people are not buying their goods.”
He explained that the current trend in inflation has defied the law of supply and demand. “One indicator is that when inflation is going down, the economy is shrinking… Your growth rate diminishes.”
The former Education Minister stressed that the growth rate of most developed countries is 10 to 12 per cent, adding that if “Ghana’s current growth rate is 4.5 per cent, you [cannot] tell us that you are transforming.”
Watch the video below
