GSS to Begin Use of Rebased Inflation and GDP Data from 2027

By Praisebell Rosemond Larbi

The Ghana Statistical Service (GSS) is set to commence the use of rebased Consumer Price Index (CPI) and Gross Domestic Product (GDP) figures from 2027, following the completion of an ongoing nationwide data update exercise expected to conclude by the end of 2026.

The Government Statistician, Alhassan Iddrisu, disclosed this in an interview, highlighting that the rebasing process is aimed at ensuring that Ghana’s macroeconomic indicators more accurately reflect current consumption patterns and economic realities.

According to him, the existing CPI framework is anchored on data from the Ghana Living Standards Survey 7 (GLSS 7), conducted in 2017. While the price reference period has since been updated to 2021—mainly to account for the creation of six new regions—the weight structure of the index still reflects consumption patterns from nearly a decade ago.

“We have just finished collecting data for the Ghana Living Standards Survey 8, and our plan is that by the end of 2026, the Service will have both CPI and GDP estimates rebased,” he said.

Dr. Iddrisu explained that the rebasing exercise will update the basket of goods and services used in measuring inflation to reflect how households currently spend, thereby improving the accuracy and credibility of inflation data.

Implications for Inflation and GDP

The introduction of a new base year is expected to significantly influence how inflation and economic growth are measured. Analysts note that rebasing could result in either higher or lower inflation figures—or simply produce a rate that more accurately reflects prevailing market conditions.

Similarly, GDP estimates are also expected to be affected. Historical precedent suggests that rebasing can substantially alter the size and structure of an economy. In 2010, when Ghana updated its GDP base year from 1993 to 2006, the economy expanded by more than 60 percent overnight, resulting in Ghana attaining lower middle-income status.

The upcoming rebasing exercise could once again reshape perceptions of Ghana’s economic size and structure, with some indications suggesting a potential shift toward the upper range of lower-income economies.

Speaking on PM Express Business Edition, Dr. Iddrisu noted that the rebasing “will definitely change the dynamics going forward,” adding that improved methodologies will allow the GSS to better utilise historical data for more accurate future measurements.

Current Inflation Trends and Public Debate

The announcement comes at a time when Ghana’s inflation rate has seen a sharp decline, from 23.5 percent in January 2025 to 3.8 percent in January 2026, raising questions among sections of the public regarding data credibility.

However, Dr. Iddrisu defended the figures, insisting that they reflect actual market conditions.

“There is only one body in Ghana, which is the Ghana Statistical Service, that collects prices across markets and regions. Therefore, individuals or institutions that do not undertake this exercise may not be in the right position to challenge the data,” he stated.

He further emphasised the need for greater public understanding of how inflation is measured and interpreted.

Drivers of Inflation Decline

According to the Government Statistician, four key factors have contributed to the recent drop in inflation: improved macroeconomic stability, prudent economic management, positive movements in the real sector, and the statistical base effect.

He added that the rigorous data collection and methodological improvements by the GSS have also played a role in ensuring more accurate and consistent inflation reporting.

Outlook

As Ghana prepares to adopt rebased CPI and GDP figures, the move is expected to enhance policy formulation, improve investor confidence, and provide a more realistic picture of the country’s economic performance.

The transition to updated data frameworks underscores the importance of continuous statistical reforms in supporting economic planning, transparency, and sustainable development.