The First Deputy Governor of the Bank of Ghana, Dr. Zakari Mumuni, has identified the critical role of high-quality data in shaping effective monetary policy and sustaining price stability in Ghana.
Speaking at the launch of the 2025 Annual Inflation Report by the Ghana Statistical Service, Dr. Mumuni said reliable and detailed inflation data is essential for understanding price movements and guiding policy decisions aimed at stabilising the economy.
According to him, inflation is not merely a statistic but the primary signal that informs central bank policy actions.
“Understanding not just the level of inflation, but its composition, persistence, and underlying drivers is essential for effective policy formulation,” he stated.
Dr. Mumuni explained that the newly introduced annual inflation report provides deeper analytical insights beyond the traditional monthly inflation releases, enabling policymakers to better examine inflation trends across different sectors and time periods.
He noted that such comprehensive analysis allows policymakers to distinguish between temporary shocks and persistent inflationary pressures, while also helping assess the relative roles of supply-side and demand-side factors in driving inflation.
The First Deputy Governor said inflation developments in 2025 reflected a combination of domestic and external factors, including exchange rate movements, food price changes and global commodity price trends.
He added that policy interventions, particularly monetary tightening by the central bank, also played a significant role in shaping inflation outcomes during the period.
“These actions were aimed at anchoring inflation expectations and restoring durable stability in the macroeconomic environment,” he explained.
Dr. Mumuni emphasised that inflation is inherently multidimensional and cannot be fully understood through headline figures alone, highlighting the need for consistent measurement and rigorous analysis.
“As we look ahead, the role of data in monetary policy will become even more important. Central banks increasingly rely on forward-looking analysis, expectations data and disaggregated inflation indicators to guide decisions,” he said.
He, therefore, called for continued investment in the production and dissemination of detailed inflation statistics to support sound economic management.
Dr. Mumuni commended the Ghana Statistical Service and the Government Statistician for producing the maiden Annual Inflation Report, noting that the publication strengthens the analytical toolkit available to policymakers.
He added that improved data availability and transparency will help anchor public expectations, enhance policy credibility and support informed decision-making.
The First Deputy Governor reaffirmed the Bank of Ghana’s commitment to its price stability mandate, noting that achieving and sustaining low and stable inflation requires not only appropriate policy measures but also strong institutional collaboration and reliable statistical data.
