The Ghana Statistical Service (GSS) has emphasized the need for a collaborative, cross-sectoral approach to addressing inflation, stressing that the responsibility should not fall solely on the Bank of Ghana (BoG). The GSS has called for the inclusion of all government ministries in efforts to curb rising inflation and ensure economic stability.

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Historically, the BoG has relied on monetary policy tools such as interest rate adjustments to manage inflation. In 2022, the Bank implemented record-high interest rates as part of its inflation control strategy. By September 2024, the BoG reduced its monetary policy rate to 27%, the second rate cut since 2021, to ease borrowing costs and address inflationary pressures.

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Prior to this, the policy rate had been held at 29% for nine months following a reduction from 30% in January 2024.However, despite these measures, recent GSS data revealed that the government missed its end-of-year inflation target of 15%, as inflation surged for the fourth consecutive month, reaching 23.8% in December 2024, up from 23.0% in November. The increase was largely driven by rising food prices.

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In response, the Government Statistician, Professor Samuel Kobina Annim, reiterated the importance of a comprehensive strategy involving multiple ministries to tackle the root causes of inflation. Government Statistician, Professor Samuel Kobina Annim, stressed the necessity of moving the focus beyond the Central Bank's actions alone.“We definitely need to move the conversation away from a Central Bank’s responsibility alone.

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We need to tackle inflation at least from two perspectives. Every sector ministry we talk about in our release should be responsible,” he said.“Our conversation focuses on the Ministry of Food and Agriculture. But, if you look at the items – transport, housing, water, electricity and gas are dominant divisions. These ministries should be part of the conversation in driving down the rate of inflation,” he added.Prof.

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Annim further highlighted the need for a multi-ministerial approach, emphasizing the importance of coordinated efforts.“It will be a challenge speaking directly to what different state institutions should be doing differently. Especially, when you don’t know the details of what they are doing, apart from what you are told or you read.

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“On the back of this, it will be important we step back and look at how Ghana Statistical Service is promoting the granular data from the headline figure. So we are calling for an inter-ministerial engagement if we want to bring down the rate of inflation,” he concluded.

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