The Ghana Statistical Service (GSS) will introduce rebased Gross Domestic Product (GDP) and Consumer Price Index (CPI) figures by mid-2027. This exercise aims to present a more accurate economic picture. It will ensure key economic indicators reflect current consumption patterns and economic activity.
Government Statistician Dr. Alhassan Iddrissu announced this during an appearance before Parliament’s Economic and Development Committee on June 9, 2026. He stated that the timeline is achievable, provided the Ministry of Finance releases necessary funds on schedule. These funds will support the remaining stages of the rebasing process.
This rebasing is critical for Ghana's economic narrative. It allows policymakers to make decisions based on relevant and up-to-date information. Ghana last rebased its GDP in 2010, changing the base year from 1993 to 2006. This previous rebasing significantly altered the country's economic standing, increasing its GDP by over 60%. This shift helped Ghana achieve lower-middle-income status. The new exercise could similarly reshape perceptions of Ghana's economic size and structure.
Dr. Iddrissu highlighted the importance of viewing economic data production as a national infrastructure requirement. He appealed to Parliament and the public for sustained investment in this area. He also acknowledged the Ministry of Finance's support for the process thus far. The GSS has already completed significant groundwork, including fresh data collection. This data will update the weights and structure of both GDP and inflation calculations.
Currently, the CPI basket relies on data from the Ghana Living Standards Survey 7, conducted in 2017. Dr. Iddrissu explained that while the weight reference period remains 2017, the price reference period was updated to 2021. This update incorporated Ghana’s six new regions. Data collection for the Ghana Living Standards Survey 8 has now concluded. This survey will form the basis for the new CPI and GDP estimates. The current inflation measure uses a basket of 307 items from 57 markets and 8,337 outlets nationwide.
Economists anticipate that the new base year will impact how inflation and GDP are measured. The revised methodology might result in a lower, higher, or more accurate inflation rate. It depends on whether current patterns vary significantly from the 2017 baseline. Dr. Iddrissu believes the rebasing exercise will definitely change future dynamics. Ghana’s inflation rate recently dropped from 23.5% in January 2025 to 3.7% in May 2026. However, it has started rising again, mainly due to increased food prices. This trend reinforces the need for accurate and timely data.
The move to update these crucial economic indicators signifies a commitment to data-driven governance. It will provide a clearer foundation for national planning and international assessments. Stakeholders will watch closely for the financial releases to the GSS. These releases are crucial for keeping the rebasing project on track for its mid-2027 target.