The Bank of Ghana says Ghana’s battle against inflation is far from over, even as macroeconomic conditions show signs of improvement.
It insists that a deeper understanding of price pressures is needed to sustain recent gains.
Speaking at the launch of the 2025 Annual Inflation Report in Accra, First Deputy Governor Dr. Zakari Mumuni warned that inflation remains a serious threat to the economy and household welfare.
He described inflation in strong terms, saying it is “as violent as a mugger, as frightening as an armed robber and as deadly as a hit man.”
Although recent policy actions have helped stabilise the economy, he noted that inflationary pressures remain complex and could easily return if not properly managed.
According to him, inflation in 2025 was driven by several factors, including exchange rate movements, food price swings, and global commodity shocks.
He stressed that addressing these requires more than routine monitoring.
Dr. Mumuni said it is important to go beyond headline inflation figures and examine what is driving price changes.
“Inflation is inherently multidimensional.
It cannot be fully understood through headline numbers alone,” he explained.
The Bank of Ghana is therefore shifting toward a more detailed analysis of inflation, separating short-term shocks from long-term trends to improve policy decisions.
The new Annual Inflation Report, developed with the Ghana Statistical Service, is expected to support this approach by providing a clearer picture of price developments across sectors.
Dr. Mumuni said the report will improve transparency and strengthen economic decision-making.
Despite progress, the central bank stressed that achieving lasting price stability will require continued discipline, better data, and strong coordination among institutions.
