Ghana has set its sights on completing a new GDP rebasing exercise and an updated Consumer Price Index by the second half of 2027, a move government believes will strengthen the credibility of the country's economic statistics and improve policy decisions.
Finance Minister Dr Cassiel Ato Forson announced the timeline during the official handover of the former Ministry of Finance building to the Ghana Statistical Service, describing the twin statistical exercises as the institution's immediate priority.
"This year, Government Statistician, I know where our focus is. I want to see GDP rebased appropriately, and I know it will take some time to do good work.
"I'm sure one year from now we will be about finishing, and also the CPI rebasing." - Dr Forson
His remarks come as Ghana continues efforts to stabilise the economy following years of fiscal pressures, debt restructuring and economic reforms.
Why rebasing matters
GDP rebasing may sound technical, but its effects reach far beyond statistical reports.
The exercise updates the base year used to calculate the size and structure of the economy. As industries evolve and new sectors emerge, older measurement methods become less reflective of current economic realities.
Digital services expand. Consumer habits shift. Informal businesses grow. All of these changes can alter how an economy is measured.
A revised GDP could reshape the relative contribution of agriculture, industry and services while affecting widely watched indicators such as debt to GDP, government revenue ratios, fiscal deficits and sectoral growth figures.
For investors, development partners and credit rating agencies, those numbers often shape confidence in the economy.
Inflation basket also under review
Alongside GDP rebasing, the Ghana Statistical Service will update the Consumer Price Index, which is used to measure inflation.
The CPI tracks the prices of goods and services purchased by households. Over time, however, spending patterns change. New products enter the market, digital services become more common and household priorities evolve.
An updated basket is expected to provide a more accurate picture of inflation, giving policymakers, businesses and workers a stronger basis for wage negotiations, monetary policy and investment planning.
The review comes at a time when inflation continues to influence household budgets, borrowing costs and business decisions across the country.
Building stronger statistics
The transfer of the former Ministry of Finance building is also expected to improve the operational capacity of the Ghana Statistical Service as it prepares for the nationwide exercises.
Dr Forson's message extended beyond updating numbers. He stressed the importance of producing credible, transparent and technically sound data that reflects Ghana's changing economy.
Once completed, the rebasing programme is expected to provide policymakers with a more reliable picture of economic activity while strengthening confidence in Ghana's official statistics.
Government also faces the task of communicating the methodology and implications of the revisions clearly, as changes to GDP and inflation figures can significantly influence public debate and market expectations.
For an economy seeking stability and fresh investment, reliable data may prove just as valuable as any policy announcement.
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