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The Bank of Ghana (BoG) has signalled renewed confidence in Ghana’s economy, following the release of encouraging data during an emergency meeting of the Monetary Policy Committee (MPC) held on Thursday, July 17.
The meeting was convened to evaluate whether immediate policy action was necessary, ahead of the scheduled 125th MPC meeting later this month. According to the BoG, the latest data show continued progress on multiple economic fronts.
Headline inflation has now dropped for the sixth month in a row, reaching 13.7 percent in June—down from 23.8 percent in December last year. Core inflation trends also reflect a stabilising price environment.
Meanwhile, the economy recorded strong growth in the first quarter of 2025. Real GDP expanded by 5.3 percent, while non-oil GDP saw an even stronger rise of 6.8 percent, buoyed by solid gains in agriculture and services.
The external sector performance has been equally encouraging. Ghana posted a provisional trade surplus of US$5.6 billion and a current account surplus of US$3.4 billion in the first half of 2025—up significantly from the same period in 2024. This, along with improved foreign exchange inflows, has driven gross international reserves to US$11.1 billion, equivalent to 4.8 months of import cover.
One of the most remarkable developments is the cedi’s 42.6 percent appreciation against the US dollar since January 2025. The gains are largely attributed to increased gold and cocoa exports, steady remittance flows, and improved investor sentiment.
Despite these domestic gains, the Committee remains cautious about global headwinds. With global growth expected to decline to 2.8 percent in 2025 and tight financial conditions persisting, Ghana’s policy environment remains sensitive to external shocks.
Still, the BoG says the outlook is positive. “Inflation expectations are broadly anchored, external buffers have strengthened, and confidence in the economy is returning,” the statement read.
The next regular MPC meeting is scheduled for 28–30 July, 2025. The policy rate decision will be announced at the conclusion of that meeting.
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