Kay Codjoe: Economic Assault Ends But Full Recovery Awaits

Some people are going haywire because facts have finally overthrown fiction. The noise merchants are unsettled. The professional propagandists are angry. For the first time in a long while, Jandam is struggling to outrun data. And it shows.

What is especially disorienting for them is this: unlike the previous administration, which governed loudly and defensively, this one has been modest, restrained, and largely sincere in tone. No chest beating. No miracle narratives. No manufactured confidence. Just numbers released with caution, verified by institutions, and an economy allowed to cool instead of being constantly dressed up for applause.

Inflation, which stood at 23.8 per cent in December 2024, fell into single digits by October 2025 (8.0 per cent) and further to 6 per cent by November 2025. The 91-day Treasury bill, at 27.73 per cent in December 2024, dropped to 14.73 per cent by June 2025.

The cedi, long a symbol of national anxiety, stabilised and strengthened sharply. Bank of Ghana figures reported by business media indicate an appreciation of about 32 per cent between January and November 2025, while the Ministry of Finance cited a movement from roughly GH16.35 per dollar in late 2024 to about GH10.92 by mid-November 2025.

As a result, confidence is quietly returning, locally and globally. Not because it was shouted into existence, but because it is being earned.

That shift explains the discomfort. Propaganda thrives on chaos and exaggeration. It withers in the presence of modesty and measurable progress.

For the ordinary Ghanaian, however, 2025 did not feel like a celebration. It felt like breathing space.

Prices stopped changing every time you turned your back. Inflation falling by about 17.5 percentage points within a year, from 23.8 per cent to 6.3 per cent, removed the shock factor. Food still costs more than it should, but the market no longer feels predatory. The money you carried could at least predict tomorrow.

Salaries stopped losing value as fast as before. Pay did not suddenly become comfortable, but it no longer evaporated mid-month. Planning became possible again, even if modestly.

Shop owners could restock without gambling. Traders stopped guessing whether replacing goods would bankrupt them. With the exchange rate no longer swinging violently, import costs stabilised, and small businesses priced with more confidence.

Transport fares, school fees, and utilities stopped jumping without warning. Interest rates easing and fuel price volatility moderating reduced the weekly ambush. Life became less chaotic, not easier. There is a difference.