The Ghana Statistical Service (GSS) is urging the government to address the rising prices of 15 key items, which it states are responsible for driving nearly a third of the country’s inflation.
This comes after Ghana ended 2024 with an inflation rate of 23.8%, significantly higher than the government’s target of 15%. With a new target of 8% set for 2025, the GSS emphasized the need for urgent action on these items, which have consistently contributed to inflation.
This warning was issued during a stakeholder engagement that analyzed the historical trend of inflation since the economy was rebased in 2018. The GSS believes addressing these items is crucial for stabilizing the economy and easing the cost of living for Ghanaians.
The 15 items identified, consisting of 13 food items and 2 non-food items, have seen inflation rates ranging from 140% to 400% between 2018 and 2024. The food items include smoked herrings (Amane), large onions, sea fish, yam, beef, kenkey with fish, local gin (Akpeteshie), imported rice, fresh tomatoes, bread, cooked rice and stew, fried plantain and beans (Gob3), and smoked river fish. The non-food items are petrol and bus/trotro fares.
Simon Onilimor Tichutab, a data scientist with the GSS, stressed the importance of tackling the price gap between farm gate and market prices in managing inflation. He called for a broader consultation involving all relevant ministries to address food price monitoring and inflation reduction.
He also urged the government to improve its buffer stock regime to address price fluctuations caused by seasonality. For instance, yam and fresh tomatoes are seasonal items, and significant price drops are observed during certain periods. Tichutab emphasized the need for buffer stocks to manage these seasonal issues, allowing the country to store surplus produce during bumper harvests and release them during lean periods to stabilize prices.
Between 2018 and 2024, bus and trotro fares appeared in the top 15 inflation contributors 70 times, while imported rice and smoked herrings ranked in the top 3, appearing 65 and 58 times respectively. Together, these 15 items represent 30.6% nearly a third of Ghana’s inflation basket of 307, underscoring their significant impact on the daily lives of Ghanaians.
