Bank of Ghana Governor Hints at Budget Measures to Tackle Food Inflation
Accra, March 4, 2025 – The Governor of the Bank of Ghana, Dr. Johnson Asiama, has revealed that the upcoming 2025 National Budget will introduce targeted measures to curb food inflation, which remains a significant driver of overall inflation.
Speaking in an interview with Bloomberg, Dr. Asiama acknowledged that the latest inflation figures were higher than expected, with food prices being the main contributor. He stressed that addressing this requires structural policy interventions rather than short-term fixes.
Budget to Focus on Food Price Stabilization
Dr. Asiama indicated that the 2025 budget will outline concrete steps to contain food inflation, which could help steer inflation back onto a disinflationary path.
“The last reading came in a little higher, but we believe that the inflationary pressures are mainly from food prices, which are structural in nature. The upcoming budget should present measures to contain food inflation, and if that is done, we expect inflation to return to its target trajectory,” he stated.
Monetary Policy Meeting to Reassess Inflation Strategy
Dr. Asiama also disclosed that the Monetary Policy Committee (MPC) will meet next month to review economic conditions and adjust monetary policy accordingly.
“We plan to hold the next monetary policy meeting next month, where we will reassess economic conditions and take appropriate action. With the right monetary policy stance and effective control of food price inflation, we expect inflation to trend back toward its target,” he added.
With inflation affecting both household expenses and business costs, the government’s focus on food price stabilization will be a key factor in restoring macroeconomic stability and boosting public confidence in economic recovery efforts.
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