2025 budget to introduce measures to curb food inflation – BoG Governor

Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has revealed that the 2025 budget will introduce targeted measures to address food inflation, which has been a major driver of overall inflation in recent months.

Speaking in an interview with Bloomberg, Dr. Asiama acknowledged that the latest inflation reading was higher than expected, mainly due to structural issues in food prices.

“Last reading came in a little higher, but we think that going forward, if you look at the causes of the inflationary pressures, it was mainly from food inflation. It was mainly structural in nature, and so therefore, the coming budget statement should be presenting a number of measures that can contain food inflation. If that is done, I am sure we will see a return to the disinflation path,” he stated.

Dr. Asiama also disclosed that the Monetary Policy Committee (MPC) will meet next month to review economic conditions and adjust monetary policies accordingly.

“We plan to hold the next monetary policy meeting next month where we will reassess the conditions and take an appropriate decision. Therefore, once we have an appropriate monetary policy stance in place and food price inflation is well controlled, we will begin to see inflation trending back to its target path,” he added.

Meanwhile in a related development, acting Commissioner-General of the Ghana Revenue Authority (GRA), Anthony Sarpong, has also defended the GH?200 billion revenue target set for 2025, despite skepticism from some quarters.

“Indeed, it looks insurmountable on the face of it. But I believe that with determination, the right strategies, and teamwork, we will be able to meet this challenge,” he stated in an interview on ChannelOneTV.

Sarpong emphasized that improving VAT performance—which currently contributes 17% of domestic tax revenue, far below the 50% seen in peer economies—will be key to achieving the target.

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