The Bank of Ghana’s Monetary Policy Committee (MPC) has reported notable improvements in Ghana’s economic performance following an emergency meeting held ahead of its 125th scheduled session.
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According to the BoG’s statement released Friday, July 18, 2025, the economy is on a positive trajectory with strengthened external buffers, declining inflation, and renewed investor confidence.
“Inflation expectations are broadly anchored, external buffers have strengthened, and confidence in the economy is returning,” the MPC noted, reaffirming its commitment to maintaining macroeconomic stability.
key Highlights from the MPC Report
- Inflation has declined for six straight months, dropping to 13.7% in June 2025 from 23.8% in December 2024.
- Real GDP grew by 5.3% in Q1 2025, with non-oil GDP hitting 6.8%, driven by strong performances in agriculture and services.
- Trade and current account surpluses hit US$5.6 billion and US$3.4 billion respectively for H1 2025, up from US$1.4 billion and US$283.1 million in H1 2024.
- Gross international reserves rose to US$11.1 billion, equivalent to 4.8 months of import cover.
The report also noted the cedi’s remarkable appreciation against the US dollar, 42.6% year-to-date, driven by strong inflows from gold, cocoa exports, remittances, and disciplined policy implementation.
Despite the progress, the BoG cautioned that global growth remains sluggish, with 2025 forecasts trimmed to 2.8%, down from 3.3% in 2024, amid tight global financial conditions and uneven disinflation trends.
“Overall, the Committee noted significant improvements in the current macroeconomic conditions and the positive outlook,” the statement concluded.
