The Bank of Ghana has stated that confidence in Ghana’s economy is returning as inflation expectations are anchored, and external buffers have strengthened.
This comes after the Monetary Policy Committee (MPC) of the Bank of Ghana held an emergency meeting on Thursday, July 17, 2025, to review recent economic developments ahead of the scheduled 125th MPC meeting later this month.
In a statement issued on Friday, 18th July, it, however, cautioned that the global economic outlook remains uncertain, with global growth projected to slow to 2.8% in 2025, from 3.3% in 2024, amid tight financial conditions.
According to the MPC, key economic indicators have shown significant progress with headline inflation falling for the sixth consecutive month to 13.7% in June 2025, down sharply from 23.8% in December 2024, reflecting strong disinflation momentum.
It also noted real GDP growth reached 5.3% in the first quarter of 2025, with non-oil GDP growth even higher at 6.8%, driven by robust performance in the agriculture and services sectors.
The trade surplus stood at US$5.6 billion and the current account surplus at US$3.4 billion in the first half of 2025, compared to US$1.4 billion and US$283 million in the same period last year
It further noted that Gross international reserves rose to US$11.1 billion, providing 4.8 months of import cover, up from US$8.98 billion at end-2024 and the Ghana cedi has gained 42.6% year-to-date against the US dollar, supported by strong foreign exchange inflows from gold and cocoa exports, remittances, and improved investor sentiment.
The MPC reiterated its commitment to supporting the recovery process without compromising the gains made so far. The next regular MPC meeting will take place from July 28 to 30, 2025, when the official policy rate decision will be announced.
