Thomas Nyarko Ampem announces June 2027 completion for GDP and CPI rebasing

Deputy Minister for Finance, Thomas Nyarko Ampem, has announced that the government aims to complete the rebasing of Ghana’s Gross Domestic Product (GDP) and Consumer Price Index (CPI) by June 2027. This initiative, conducted in partnership with the Ghana Statistical Service (GSS), is designed to update the benchmarks used to measure the nation's economic output and inflation. By adjusting the base year, the government seeks to provide a more accurate reflection of the current structure of the Ghanaian economy, ensuring that policy decisions are based on the most relevant data available.

Speaking on the project, Ampem emphasized that the Ministry of Finance is working closely with the GSS to ensure that national statistics are both reliable and timely. The rebasing process is essential for enhancing the accuracy of economic planning and providing investors with high-quality data. Accurate GDP and CPI figures are fundamental for calculating debt-to-GDP ratios, fiscal deficits, and the cost of living, all of which influence domestic policy and international credit ratings. This update is expected to capture the growth of newer industries that may have emerged or expanded since the last rebasing exercise.

Beyond the rebacing project, the Deputy Minister highlighted the government's commitment to securing sustainable domestic funding for statistical activities. This move aims to reduce reliance on external support and strengthen the institutional independence of the GSS. Furthermore, Ampem expressed the Ministry's full support for the upcoming Statistics Bill. He assured stakeholders that the government would take swift action to ensure the bill's passage through Parliament, providing a more robust legal framework for data collection and analysis in Ghana.

The successful completion of the rebasing exercise by mid-2027 is expected to offer a clearer picture of Ghana's economic health, potentially revealing shifts in sectoral contributions to the national economy. As the government under President John Mahama prepares for this transition, the improved statistical accuracy is anticipated to bolster investor confidence and streamline national development strategies. The GSS and the Finance Ministry will continue to collaborate on technical preparations to meet the June 2027 deadline.