The Governor of the Bank of Ghana, Dr. Johnson Asiama, has announced that the upcoming 2025 budget will introduce key measures to tackle food inflation, a major driver of overall inflation.
With rising food prices increasing household expenses and business costs, the central bank sees targeted fiscal interventions as crucial for stabilising prices and ensuring macroeconomic stability.
Speaking in an interview with Bloomberg, Dr. Asiama acknowledged that the latest inflation reading exceeded expectations, largely due to food price pressures.
He stressed that these pressures are structural and require decisive policy action.
“The latest reading was slightly higher than anticipated, driven primarily by food inflation. Since these pressures are structural, the upcoming budget will introduce measures to contain food inflation. If successfully implemented, we should see a return to the disinflation path,” he stated.
Dr. Asiama also revealed that the Bank of Ghana’s Monetary Policy Committee (MPC) will convene next month to reassess economic conditions and adjust policy accordingly.
“Our next monetary policy meeting is scheduled for next month, where we will evaluate the situation and take appropriate action. With the right monetary policy stance and effective measures to control food inflation, we expect inflation to return to its target path,” he added.