Recent Inflation Uptick Not a Warning Sign — Analyst
By: Solomon Nartey Tetteh
Economic Analyst Emmanuel Boateng has downplayed concerns over Ghana’s latest inflation figures, insisting that the economy is showing signs of stability despite marginal increases driven by key sectors.
Speaking on the Business Breakfast on Zed 101.9 FM, Mr. Boateng stressed that the current inflation movement should not be interpreted as a threat to the country’s economic outlook.
“For me, this is not a warning sign. When we look at our inflation, it is actually stabilising, in my opinion,” he said.
He referenced the September 2025 inflation data, noting that year-on-year inflation stood at 3.2%, while month-on-month inflation was 0.9%. According to him, the drivers behind the latest uptick are clear and understandable.
“We know what is causing the increase, manufacturing, mining and quarrying, construction, and maybe transport for the month-on-month consideration,” he explained.
Mr. Boateng highlighted that manufacturing and mining saw noticeable jumps, with both sectors rising from 0.6% and 0.1% respectively to 1.5%.
“The data tells us that the input costs for these sectors are on the rise. But even at 1.5%, I think that is stable,” he said.
He emphasised that these fluctuations are not indicative of a deteriorating economic environment.
“I don’t think it is a warning that the outlook is going to be bad or dangerous. I think it is temporary, these little pockets of marginal increases. We’ll see them, but they do not warrant any panic,” he stressed.
The Economic Analyst also highlighted mixed performance trends within Ghana’s construction sector, pointing to significant differences between month-on-month and year-on-year data.
Mr. Boateng said the latest figures show that construction of buildings is currently the biggest driver of price increases within the Producer Price Index (PPI).
He noted that although the PPI stood at 313.3 in October 2024, the index has remained relatively stable from March through November, reflecting some consistency in overall producer prices.
Mr. Boateng, however, stressed that the subsectors within construction are performing differently.
