Govt to rely on data for policy decisions — Deputy Minister
The Ghana Statistical Service (GSS) has launched a comprehensive annual report on inflation, marking a significant step towards deepening economic analysis and promoting evidence-based policymaking in the country.
Dubbed the 2025 Annual Inflation Report, the maiden publication was on the theme: ‘Advancing Dialogue on Economic and Price Stability.’
The initiative represents a shift from routine monthly inflation updates to a more detailed and structured yearly assessment of price movements and their broader implications for the economy.
The GSS indicated that it would henceforth compile and publish annual inflation reports.
Speaking at the launch in Accra on Thursday, the Deputy Minister of Finance, Mr Thomas Nyarko Ampem, underscored the government’s commitment to relying on credible data to guide national decision-making.
He stated that the report would serve as a critical bridge between data and policy, enabling authorities to better understand inflation dynamics and respond appropriately.
He explained that the report enhanced clarity by translating complex price movements into understandable trends across key sectors such as food, transport and energy, while also addressing structural and external influences, including exchange rate fluctuations.
According to him, access to such insights would support targeted interventions in areas such as supply chains, energy pricing and fiscal management.
He noted that success in the global economy depended not on the volume of data but on how effectively it was used, adding that the report would empower government, businesses and citizens to make informed decisions.
Mr Ampem highlighted ongoing efforts by the Ministry of Finance to sustain fiscal discipline, improve revenue mobilisation and promote private sector growth, noting that a clearer understanding of inflation would help fine-tune these policies.
He stressed that different drivers of inflation required distinct responses, particularly in addressing food-related, imported and structural pressures.
The First Deputy Governor of the Bank of Ghana, Dr Zakari Mumuni, described inflation as a critical indicator that guided monetary policy decisions.
He emphasised that the new report provided deeper insights into inflation trends, enabling policymakers to distinguish between temporary and persistent factors.
He noted that inflation in 2025 had been influenced by a combination of domestic and external factors, including exchange rate movements, food prices and global commodity trends.
He added that such comprehensive analysis would strengthen policy coordination and enhance transparency in the economic management process.
The Government Statistician, Dr Alhassan Iddrisu, explained that the report went beyond presenting figures to telling a complete story about price developments and their impact on livelihoods.
He revealed that inflation had declined significantly from 33.5 per cent in January 2025 to 5.4 per cent in December 2025, marking 12 consecutive months of decline.
Despite the progress, he cautioned that lower inflation did not necessarily mean lower prices, as many households continued to grapple with the high cost of living.
He identified food prices as a major driver, accounting for more than half of total inflation, while domestic factors contributed nearly three-quarters of the overall trend.
Dr Iddrisu further pointed to regional disparities in inflation, stressing the need for targeted, location-specific policies.
He outlined key policy recommendations, including strengthening food systems, maintaining fiscal and monetary coordination, investing in domestic production and improving data systems.
The Chairman of the GSS Governing Board, Dr Anthony Yaw Baah, called for the effective use of the data, urging stakeholders to interrogate and act on the findings.
He noted that evidence-based decision-making remained essential for sustainable national development.
BY KINGSLEY ASARE
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