- New Inflation Report Gives Ghana Stronger Tool for Policy Credibility — BoG
The Bank of Ghana has welcomed the launch of the Ghana Statistical Service’s maiden Annual Inflation Report, describing it as an important analytical tool for strengthening monetary policy decisions and improving public understanding of price developments.
Speaking at the release of the 2025 Annual Inflation Report in Accra, the First Deputy Governor of the Bank of Ghana, Dr Zakari Mumuni, said the publication would help deepen the country’s understanding of inflation beyond headline figures.
He said inflation remains central to monetary policy formulation and must be analysed not only by its level but also by its composition, persistence and underlying drivers. “From a central banking perspective, inflation is not merely a statistic; it is the primary signal that guides monetary policy decisions,” Dr Mumuni said.
According to him, the new annual report creates space for a more structured assessment of inflation dynamics across components and over time, while linking price developments to broader macroeconomic conditions. “Understanding not just the level of inflation, but its composition, persistence, and underlying drivers, is essential for effective policy formulation,” he said.
The First Deputy Governor said the report would allow policymakers to distinguish between temporary and persistent sources of inflationary pressure, assess the role of supply-side and demand-side factors, and better evaluate the transmission of monetary policy measures. The remarks come after Ghana went through a prolonged period of elevated inflation, forcing tighter monetary conditions and stronger policy coordination to restore macroeconomic stability.
Dr Mumuni noted that the inflation process in 2025 reflected a mix of domestic and external influences, including exchange rate developments, food price movements and global commodity price trends.
“At the same time, he said, the policy measures implemented over the period, particularly monetary tightening, aimed to anchor expectations and restore stability.”
He added that the interaction of these factors shows why inflation cannot be fully understood by looking only at headline numbers.
“Inflation is inherently multidimensional. It cannot be fully understood through headline numbers alone. It requires careful decomposition, consistent measurement, and rigorous analysis,” he said.
For the Bank of Ghana, the new publication is expected to strengthen the evidence base for monetary policy, particularly at a time when central banks globally are relying increasingly on forward-looking analysis, expectations data and disaggregated price indicators.
Dr Mumuni said the production and dissemination of detailed inflation statistics were no longer optional for modern policymaking. “Strengthening production and dissemination of detailed inflation statistics is not just desirable, it is essential,” he said.
He commended the Ghana Statistical Service for producing the maiden report, saying the initiative enhances the analytical toolkit available to policymakers and supports transparency in economic management. He also said improved inflation reporting could help anchor public expectations and build credibility in policy, both of which are critical to sustaining low and stable inflation.
The Bank of Ghana, he stressed, remains committed to its price stability mandate and will continue to work closely with the Ghana Statistical Service and other stakeholders to ensure that policy decisions are based on the best available evidence.
“Achieving and sustaining low and stable inflation requires not only appropriate policy actions, but also high-quality data and strong institutional collaboration,” Dr Mumuni said.
As the Annual Inflation Report evolves, he said, it has the potential to become a cornerstone of inflation analysis in Ghana, supporting both policy formulation and public understanding.
