The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama has announced that the upcoming 2025 national budget will include strategic measures aimed at tackling food inflation, which has become a significant driver of overall inflation in Ghana.
In an interview with Bloomberg, Dr. Asiama highlighted that the recent inflation figures exceeded expectations, largely due to persistent structural challenges in food pricing.
“The latest inflation reading came in slightly higher than anticipated, primarily because of food inflation, which we believe is structural in nature. Consequently, the 2025 budget statement will outline targeted interventions to address these challenges. With these measures in place, I am confident we will see a return to the disinflation trajectory,” Dr. Asiama stated.
He further indicated that the Monetary Policy Committee (MPC) is scheduled to convene next month to review current economic conditions and implement necessary adjustments to the monetary policy stance.
“We will hold our next monetary policy meeting in the coming month to reassess the prevailing conditions and make appropriate policy decisions. Once we effectively address food price inflation and align our monetary policies, we are optimistic that inflation will trend back toward our target range,” Dr. Asiama explained.
Revenue Projections for 2025
In a related development, the acting Commissioner-General of the Ghana Revenue Authority (GRA), Anthony Sarpong, has expressed optimism about achieving the ambitious GH₵200 billion revenue target set for 2025. Despite scepticism from some economic analysts, Mr. Sarpong maintained that the target is attainable with proper strategies and collective effort.
“On the surface, the revenue goal appears daunting. However, I firmly believe that with determination, innovative strategies, and strong teamwork, we will rise to the challenge and meet this target,” he affirmed.
Addressing Economic Pressures
The measures outlined in the 2025 budget are expected to provide relief to Ghanaians burdened by high food prices while stabilizing the broader economy. Stakeholders are optimistic that the combined efforts of the government and the BoG will yield positive results, driving down inflation and fostering sustainable economic growth.
As the MPC prepares for its next meeting and policymakers finalize the budget, Ghanaians will be looking forward to clear and actionable steps to curb food inflation and ensure economic stability in the coming year.
Story by: Mercy Addai Turkson #ahotoronline.com
