By Jibril Abdul Mumuni
Accra, April 30, GNA – Ghana has launched its first Annual Inflation Report to strengthen macroeconomic analysis and support evidence-based economic policymaking.
The report, produced by the Ghana Statistical Service (GSS), moves beyond monthly inflation releases to provide a comprehensive assessment of inflation trends, drivers and structural dynamics in 2025.
Dr Zakari Mumuni, Deputy Governor of the Bank of Ghana, said at the launch in Accra that inflation was the primary signal guiding monetary policy decisions.
He noted that deeper analysis was critical to distinguishing temporary price shocks from persistent inflationary pressures.
Dr. Mumuni said the annual report would create space for detailed examination of inflation components across time, regions and sectors.
He said this progress would enable policymakers to better assess the impact of supply-side and demand-side factors of inflation as well as the effectiveness of policy interventions.
Dr Mumuni said consistent measurement and rigorous analysis were essential for restoring durable macroeconomic stability, stressing that inflation is inherently multidimensional and cannot be fully understood through headline figures alone.
He noted that inflation developments in 2025 reflected both domestic and external influences, including exchange rate movements, food prices and global commodity trends, alongside the impact of monetary tightening measures aimed at anchoring inflation expectations.
Dr Mumuni commended the GSS for producing the maiden report, stressing that it was a major enhancement to the country’s analytical toolkit and a contribution to transparency and public confidence in economic management.
He reaffirmed the Bank of Ghana’s commitment to its price stability mandate and pledged continued collaboration with the GSS and other stakeholders to ensure monetary policy decisions were informed by high-quality data.
The Annual Inflation Report is expected to evolve into a key reference document for policymakers, researchers, businesses and the general public, supporting economic governance and public understanding of inflation dynamics.
Dr Alhassan Iddrisu, Government Statistician, said the report shifts the focus from isolated statistics to a comprehensive narrative that explains why prices change.
He said Ghana recorded significant progress in controlling inflation in 2025, with the rate falling sharply from 23.5 per cent in January to 5.4 per cent by December, marking 12 consecutive months of decline.
Dr Iddrisu said the annual average inflation rate dropped to 14.6 per cent from 22.9 per cent in 2024.
However, he cautioned that lower inflation does not mean lower prices, noting that households are still adjusting to a high cost of living despite the slower pace of price increases.
GNA
Edited by Kenneth Sackey