Ghana: Ghana has launched its first-ever Annual Inflation Report, marking a major step towards strengthening macroeconomic analysis and evidence-based economic policymaking. The report, produced by the Ghana Statistical Service (GSS), moves beyond the traditional monthly inflation releases to provide a comprehensive assessment of inflation trends, drivers, and structural dynamics over the course of 2025.
According to Ghana News Agency, speaking at the launch in Accra, Dr Zakari Mumuni, the Deputy Governor of the Bank of Ghana, said inflation was the primary signal that guided monetary policy decisions. He noted that deeper analysis was critical to distinguishing temporary price shocks from persistent inflationary pressures. The annual report is expected to create space for detailed examination of inflation components across time, regions, and sectors.
Dr Mumuni highlighted that such 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. He emphasized that consistent measurement and rigorous analysis were essential for restoring durable macroeconomic stability, stressing that inflation was inherently multidimensional and could not be fully understood through headline figures alone.
He further 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 Ghana Statistical Service for producing the maiden report, emphasizing it as a significant 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 public, supporting both economic governance and public understanding of inflation dynamics.
Dr. Alhassan Iddrisu, the Government Statistician, stated that the report shifted the focus from isolated statistics to a comprehensive narrative that explained why prices changed. Ghana recorded significant progress in controlling inflation in 2025, with the rate falling sharply from 23.5 percent in January to 5.4 percent by December, marking 12 consecutive months of decline, he said.
The annual average inflation rate dropped to 14.6 percent from 22.9 percent in 2024. However, Dr. Iddrisu cautioned that lower inflation did not mean lower prices, noting that households were still adjusting to a high cost of living despite the slower pace of price increases.