The Bank of Ghana has reiterated its commitment to maintaining price stability, stressing the growing importance of high, quality data and rigorous analysis in guiding monetary policy decisions.
This comes as the Ghana Statistical Service officially released the 2025 Annual Inflation Report , the first of its kind , aimed at providing a comprehensive assessment of inflation dynamics in the country.
Speaking at the launch in Accra on April 30, 2026, the First Deputy Governor of the central bank, Dr. Zakari Mumuni, described the report as a critical tool for deepening macroeconomic analysis and strengthening policy formulation.
Dr. Mumuni emphasised that inflation remains the most important signal for central banks, shaping decisions that affect economic stability and growth.
“From a central banking perspective, inflation is not merely a statistic; it is the primary signal that guides monetary policy decisions,” he stated.
He explained that the new report moves beyond routine, high, frequency inflation updates to provide a more structured and detailed annual analysis of price movements across sectors and time.
According to him, such depth allows policymakers to better distinguish between temporary and persistent inflationary pressures, while also assessing the relative impact of supply, side and demand, side factors.
The report indicates that inflation developments in 2025 were driven by a combination of domestic and external factors, including exchange rate fluctuations, food price changes and global commodity trends.
“The inflation process in 2025 reflected a combination of both domestic and external influences. Exchange rate developments, food price movements, and global commodity price trends all played a role in shaping inflation outcomes,” Dr. Mumuni noted.
He added that policy measures, particularly monetary tightening, were implemented during the period to help anchor inflation expectations and restore macroeconomic stability.
Dr. Mumuni emphasised the complex nature of inflation, cautioning against relying solely on headline figures.
“Inflation is inherently multidimensional. It cannot be fully understood through headline numbers alone. It requires careful decomposition, consistent measurement, and rigorous analysis,” he said.
He further indicated that the growing reliance on forward, looking indicators and disaggregated data makes the production of detailed inflation statistics indispensable for effective policymaking.
The First Deputy Governor commended the Ghana Statistical Service for spearheading the initiative, describing the report as a significant addition to the country’s analytical and policy toolkit.
“This maiden report enhances the analytical toolkit available to policymakers and strengthens the evidence base for decision, making. It also contributes to greater transparency, which is critical for anchoring public expectations and building credibility in policy,” he said.
Dr. Mumuni reiterated the central bank’s resolve to work closely with stakeholders to ensure that monetary policy decisions are grounded in reliable data.
“The Bank of Ghana remains firmly committed to its price stability mandate. Achieving and sustaining low and stable inflation requires not only appropriate policy actions, but also high, quality data and strong institutional collaboration,” he added.
He expressed optimism that the report would evolve into a key reference document for both policymakers and the public, supporting a better understanding of inflation trends in Ghana.
“As this publication evolves in future editions, it has the potential to become a cornerstone of inflation analysis in Ghana, supporting both policy formulation and public understanding,” he said.
