Ghana’s December inflation rate of 5.4% reflects measured price movements captured by nationwide data, not a miss against projections, Government Statistician Dr. Alhassan Iddrisu said, noting that forecasting inflation is outside the mandate of the Ghana Statistical Service (GSS).
Answering questions after the presentation of the December 2025 Consumer Price Index (CPI) in Accra, Dr. Iddrisu responded to questions on why inflation did not end the year closer to some market estimates of about 5.1%. He said the statistical service does not engage in projections, which are the responsibility of fiscal and monetary authorities, including the Ministry of Finance and the Bank of Ghana.
“We do not go into the business of projecting inflation,” Dr. Iddrisu said. “Our responsibility is to collect the data and report what the data is throwing out.”
According to him, the CPI figures are drawn from extensive price collection across all 16 regions, covering more than 370 items, giving policymakers and markets what he described as the most comprehensive snapshot of inflation dynamics in the country.
The 5.4% reading marked Ghana’s 12th consecutive month of disinflation and the lowest rate since the CPI was rebased in 2021, which is when the GSS updated the reference structure used to measure inflation. While declining to predict whether inflation can be sustained at that level or fall further, Dr. Iddrisu said the conditions for price stability are increasingly visible, provided policy discipline is maintained.
He cited fiscal restraint, prudent economic management, currency stability and the absence of adverse global shocks as key to sustaining the current trend. He also pointed to the full implementation of real-sector measures outlined in the 2026 budget, including agriculture, industry and financial-sector interventions, as well as the government’s 24-hour economy program.
“If we stay fiscally disciplined and manage the economy prudently, and if global conditions remain supportive, then we can be very positive about the sustainability of the inflation we are seeing,” he said.
Dr. Iddrisu also addressed questions on how the current inflation rate compares with historical levels. He noted that Ghana last rebased its CPI in 2021 and that official comparisons are therefore made from that period. The statistical service is currently undertaking another rebasing exercise, after which back-casting will allow for comparisons with earlier years.
Markets are closely watching trends for signals on interest-rate policy and economic stability, after a period of elevated price pressures driven by currency volatility, supply disruptions and fiscal strain.
