The Ghana Statistical Service (GSS) says it is on course to introduce rebased Gross Domestic Product (GDP) and Consumer Price Index (CPI) figures by the middle of 2027.

The exercise is expected to provide a more accurate picture of the economy and ensure that key economic indicators better reflect current consumption patterns and economic activity.

Government Statistician, Dr Alhassan Iddrissu, disclosed this when he appeared before Parliament’s Economic and Development Committee on June 9, 2026.

He said the timeline is achievable, provided funds from the Ministry of Finance are released on schedule to support the remaining stages of the exercise.

Dr. Iddrissu acknowledged the support the Ministry of Finance has already provided towards the process.

According to him, the rebasing exercise is critical because it will help policymakers and stakeholders make decisions based on more relevant and up-to-date data.

He also appealed to Parliament and the public to view the production of economic data as a key national infrastructure requirement that deserves sustained investment.

Current Progress

The GSS has already completed significant groundwork for the rebasing exercise, including collecting fresh data to update the weights and structure of both the GDP and inflation calculations.

Earlier this year, Dr Iddrissu explained in an interview with JoyBusiness that the current CPI basket is largely based on data from the Ghana Living Standards Survey 7, conducted in 2017.

He noted that while the weight reference period remains 2017, the price reference period was updated to 2021 to incorporate the six new regions created in Ghana.

According to him, data collection for the Ghana Living Standards Survey 8 has been completed and will provide the foundation for the new CPI and GDP estimates.

“The last one we did was in 2017, and it did reflect the consumption pattern at that time, so this new one will definitely affect the consumption pattern of consumers,” he said.

At present, inflation is measured using a basket of 307 items purchased by households from 57 markets and 8,337 outlets nationwide. The items are classified into 13 divisions, 44 groups, 98 classes and 156 subclasses.

Impact on Inflation and GDP Estimates

The introduction of a new base year is expected to affect how inflation and GDP are measured.

Economists say the revised methodology could result in a lower inflation rate, a higher one, or figures that more accurately reflect prevailing market conditions.

The rebasing could also significantly alter Ghana’s GDP estimates.

A similar exercise in 2010, when the GDP base year was changed from 1993 to 2006, increased Ghana’s GDP by more than 60% and helped move the country into lower-middle-income status.

Analysts believe the upcoming exercise could again reshape perceptions of the size and structure of Ghana’s economy.

Speaking recently on JoyNews’ PM Express Business Edition, Dr Iddrissu acknowledged that the rebasing exercise “will definitely change the dynamics going forward.”

Recent Inflation Trends

Ghana’s inflation rate has fallen sharply over the past year, dropping from 23.5% in January 2025 to 3.7% in May 2026.

However, inflation has started edging up after several months of continuous decline.

Dr Iddrissu recently attributed the slight increase to rising food prices and stressed the need for the government to maintain fiscal discipline while investing in food systems, storage infrastructure, irrigation and transportation.

He also called for measures to address regional inequalities in market access to help contain future price pressures.