Inflation Gains Could Fade Without Structural Reforms – CERPA Warns
By Maame Efua Kwaduah
The Centre for Economic Research and Policy Analysis (CERPA) has urged policymakers to complement monetary discipline with stronger structural reforms to sustain Ghana’s recent inflation gains and protect long-term economic stability across the country according to new policy analysis report brief.
CERPA’s new policy brief titled “Beyond Headline Inflation: Emerging Structural Risks in Ghana’s Inflation Trends” called for increased investment in transport and supply chain infrastructure, affordable housing, agricultural market reforms, regional development initiatives, and measures to boost domestic production capacity across sectors economy.
CERPA noted that Ghana’s inflation rate has declined sharply from 23.8% in December 2024 to 3.2% in March 2026, before edging up slightly to 3.4% in April, though underlying structural weaknesses continue posing risks to price stability persist overall.
CERPA warned that policymakers should not focus solely on the low headline inflation figure, as many households and businesses continue facing rising costs across key areas of the economy overall context.
CERPA recommended Bank of Ghana cautious gradual easing maintaining exchange rate stability broadening inflation monitoring beyond headline figures to include services food imported goods and regional inflation trends nationwide framework approach policy implementation guidance strategy
CERPA called on government to prioritise investments in transport networks irrigation systems storage facilities and logistics infrastructure to address supply bottlenecks and reduce distribution costs significantly.
CERPA further advocated expansion of affordable housing programmes and reforms to rent policies to ease persistent household cost pressures across urban areas nationwide.
CERPA in agriculture said improving market coordination and investing in storage facilities would help minimise post-harvest losses stabilise food prices and protect farmers from sharp price fluctuations during harvest periods seasonal cycles.
CERPA policy brief urged authorities maintain fiscal discipline avoiding excessive spending broad subsidies that could reignite inflationary pressures worsen public debt levels macroeconomic stability framework policy direction.
Additionally, CERPA called for targeted development strategies in underserved regions particularly northern Ghana to address widening disparities improve market access infrastructure industrial activity growth sustainably forward.
CERPA further stressed need accelerate industrialisation import substitution reduce Ghana exposure external shocks imported inflation vulnerabilities economic resilience long term growth agenda framework.
Despite inflation success CERPA noted several warning signs emerged in recent macroeconomic data analysis report summary.
CERPA reported services inflation rose from 7.2% in March to 9.6% in April while imported inflation moved from deflation rate of −0.6% to positive 0.5% over the same period.
CERPA report highlighted significant regional disparities Savannah Region recording deflation of −3.5% compared to North East Region inflation of 9.5% reflecting structural imbalances and economic variation levels.
CERPA argued that these developments show inflation pressures are increasingly driven by structural and supply side factors rather than demand alone overall.
CERPA concluded that Ghana’s achievement of single-digit inflation represents a major macroeconomic milestone, but cautioned that without coordinated reforms aimed at boosting productivity, strengthening supply chains, reducing regional inequalities and expanding domestic production capacity, price stability may be difficult to sustain in the long term.
