The rate of inflation remained “high” in 2024 and “sticky” around 23 per cent, “significantly higher than expectation,” Bank of Ghana Governor Johnson Asiama has said.

Briefing journalists on Friday, 28 March 2025 following the 123rd regular meeting of the Monetary Policy Committee (MPC) held in the week to assess recent economic developments and risks to the inflation outlook, Dr Asiama said the latest data released by the Ghana Statistical Service indicates that headline inflation “eased marginally from 23.8 per cent in December 2024 to 23.1 per cent in February 2025, due to easing but still high non-food inflation.”

Food inflation, Dr Asiama noted, has “remained elevated on account of unfavourable climatic conditions and other constraints.”

He said the central bank’s main core measure of inflation “eased marginally” in the first two months of 2025.

Dr Asiama noted that inflation, excluding energy and utility items from the consumer basket, eased from 23.1 per cent in December 2024 to 22.4 per cent in February 2025, as compared with 24.0 per cent in the same period last year.

This notwithstanding, Dr Asiama said the latest inflation expectations, as derived from the central bank’s model, the yield curve, and surveys, “point to softening of expectations, although still above the medium-term target.”

The Governor noted that while headline inflation has declined marginally, “it remains a concern.”

He said both food and non-food inflation are “significantly above expectation, and core inflation remains elevated.”

“While food inflation was driven largely by supply side factors, preventing second-round effects from such increases will be essential,” he explained, adding: “The persistent inflation dynamics over the past year, partly driven by both fiscal and monetary policy missteps, will require a policy reset to re-anchor the disinflation process.”