Finance Minister Dr. Cassiel Ato Forson has directed the Ghana Statistical Service (GSS) to make the rebasing of Ghana’s Gross Domestic Product (GDP) and Consumer Price Index (CPI) its top priority, describing the two exercises as essential to improving the accuracy and credibility of the country’s economic data.
The Finance Minister said the government wants the GSS to dedicate its efforts to completing the statistical exercises over the next year, with the work expected to continue through the second half of 2027.
The directive signals the government’s determination to strengthen the country’s statistical system and ensure policymakers, investors and development partners have access to reliable data for decision making.
Accurate Data Takes Centre Stage
Speaking during the formal transfer of the former Ministry of Finance building to the Ghana Statistical Service, Dr. Forson stressed that the rebasing of GDP and CPI should remain the institution’s primary focus.
“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. That should be our focus for now until the second half of 2027.”
Dr. Cassiel Ato Forson
His comments underscore the government’s recognition that quality economic data forms the foundation of effective governance and sustainable economic development.
Why GDP Rebasing Matters
GDP rebasing is a critical statistical exercise that updates the base year used to calculate the size and structure of an economy. As economies evolve over time, new industries emerge, consumer behaviour changes and business activities expand into sectors that may not have existed during previous base years.
Without periodic rebasing, official GDP figures may fail to capture the true value of economic activity, leading to outdated estimates of national output.
An updated GDP provides policymakers with a more accurate picture of the country’s economic performance. It also helps investors better understand market opportunities while allowing government agencies to make informed decisions on budgeting, taxation and development planning.
For a growing economy like Ghana, rebasing is expected to reflect structural changes that have taken place across sectors such as technology, digital services, manufacturing, agriculture and finance.
CPI Rebasing Equally Crucial
Alongside GDP rebasing, the Finance Minister has instructed the Ghana Statistical Service to prioritise the rebasing of the Consumer Price Index.
The CPI measures changes in the prices consumers pay for goods and services over time and serves as Ghana’s primary measure of inflation.
Rebasing the CPI involves updating the basket of goods and services used in calculating inflation so that it reflects current household spending patterns.
Consumer preferences change over time as new products enter the market and lifestyles evolve. A revised CPI basket therefore ensures inflation figures accurately represent what households are actually purchasing.
Reliable inflation data plays a critical role in monetary policy decisions by the Bank of Ghana, wage negotiations, business planning and social protection programmes.
Reliable Statistics Drive Better Policies
Dr. Forson emphasised that up to date national statistics remain indispensable for effective economic management.
Accurate data enables government to assess the health of the economy, evaluate the impact of public policies and allocate resources more efficiently.
Reliable statistics also strengthen investor confidence by providing transparent information about economic conditions.
Development partners and international financial institutions equally rely on official statistical data when assessing Ghana’s economic performance and designing support programmes.
By prioritising both GDP and CPI rebasing, the government hopes to improve the overall quality of national statistics and enhance confidence in official economic indicators.
Government Boosts GSS Capacity
The announcement coincided with another significant milestone for the Ghana Statistical Service.
Government formally transferred the former Ministry of Finance building to the GSS, providing the institution with additional office space to support its expanding operations.
The move is expected to strengthen the agency’s institutional capacity as it undertakes several national statistical programmes, including the ambitious GDP and CPI rebasing exercises.
Additional office space is expected to improve coordination among technical staff, facilitate data processing and provide a better working environment for statistical experts involved in nationwide surveys and data analysis.
The investment also reflects government’s commitment to equipping the Ghana Statistical Service with the resources needed to deliver high quality statistics.
Looking Ahead to 2027
The Finance Minister’s directive establishes a clear roadmap for Ghana’s statistical system over the next two years.
Completing both GDP and CPI rebasing will provide policymakers with more reliable indicators for measuring economic growth and inflation, two of the country’s most important macroeconomic benchmarks.
The updated statistics are expected to improve national planning, strengthen fiscal and monetary policy decisions and enhance Ghana’s credibility among investors and international institutions.
As the Ghana Statistical Service embarks on these critical exercises with expanded operational capacity, expectations will be high that the new data will present a more accurate reflection of Ghana’s evolving economy and changing consumer landscape.
If successfully completed within the projected timeline, the rebasing exercises could become one of the most significant statistical reforms in recent years, providing a stronger foundation for economic planning and sustainable national development.
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