The Bank of Ghana has reaffirmed its commitment to price stability, saying monetary policy decisions will increasingly rely on deeper, evidence-based analysis as the country works to sustain disinflation gains and strengthen macroeconomic stability.
Speaking at the launch of the 2025 Annual Inflation Report in Accra on Thursday, First Deputy Governor Dr. Zakari Mumuni said inflation remains the key signal guiding central bank policy, but warned that headline figures alone are insufficient for effective decision-making.
“Inflation is not merely a statistic, it is the primary signal that guides monetary policy decisions,” he said, adding that policymakers must look beyond aggregate figures to understand composition, persistence and underlying drivers.
The report, described as a maiden publication, is intended to provide a more structured and detailed assessment of inflation dynamics beyond monthly and quarterly releases, offering deeper insight into price behaviour across sectors and over time.
According to the Bank of Ghana, inflation in 2025 was shaped by a combination of domestic and external pressures, including exchange rate volatility, food price developments and global commodity trends. The central bank said monetary tightening during the period was aimed at anchoring inflation expectations and restoring stability.
Dr. Mumuni stressed that inflation is “inherently multidimensional,” requiring decomposition into its underlying components to separate temporary shocks from more persistent pressures. He said such analysis is critical for improving the transmission and effectiveness of monetary policy.
The central bank also pointed to a global shift toward forward-looking policy frameworks, with greater use of expectations data and disaggregated price indicators to guide interest rate decisions.
“In this context, strengthening the production and dissemination of detailed inflation statistics is not just desirable, it is essential,” he said.
The Bank of Ghana commended the Ghana Statistical Service for the initiative, saying the report strengthens transparency, enhances analytical capacity, and improves the evidence base for policy formulation.
Dr. Mumuni reiterated the central bank’s commitment to its price stability mandate, adding that sustained low inflation would depend on both appropriate policy action and strong institutional coordination.
He said the annual inflation report is expected to become a key reference document for policymakers, analysts and market participants as Ghana continues efforts to anchor expectations and stabilise the macroeconomic environment.
