The Bank of Ghana (BoG) says it is committed to continuing its support for the country’s economic recovery process without compromising the macroeconomic gains achieved so far.
The Monetary Policy Committee (MPC) of the BoG pledged in a statement issued after an emergency meeting held on Friday ahead of its 125th regular MPC meeting scheduled for July 28–30, 2025.
According to the Committee, the emergency meeting was convened to assess current economic conditions and determine whether immediate policy action was warranted.
“This is in line with our commitment to proactive and responsive policy formulation,” the statement noted.
The Committee observed that the disinflation momentum had strengthened, with headline inflation falling steadily for six consecutive months from 23.8 per cent in December 2024 to 13.7 per cent in June 2025.
Core inflation indicators, the Committee said, also pointed to a re-anchoring of inflation expectations.
On the real sector, the BoG reported that Ghana’s economic performance remained strong.
“Real GDP growth reached 5.3 per cent in the first quarter of 2025, while non-oil GDP growth was even stronger at 6.8 per cent, driven by robust activity in the agriculture and services sectors,” the Committee stated.
The statement said the external sector also recorded remarkable improvements and the trade and current account balances posted provisional surpluses of $5.6 billion and $3.4 billion, respectively, in the first half of 2025, compared with $1.4 billion and $283.1 million in the corresponding period last year.
These gains, the Committee said, contributed to a significant build-up in gross international reserves, which stood at $11.1 billion as of the end of June 2025—equivalent to 4.8 months of import cover—up from $8.98 billion as of the end of 2024.
The Committee noted that the Ghana cedi had appreciated sharply, gaining 42.6 per cent against the US dollar since the beginning of the year.
The appreciation, according to the MPC, was supported by strong foreign exchange inflows from gold and cocoa exports, remittances, improved investor confidence, and prudent policy implementation.
The statement said that despite the domestic gains, the Committee acknowledged that the global environment remains uncertain.
It noted that global growth was projected to slow to 2.8 per cent in 2025 from 3.3 per cent in 2024, with global financial conditions still tight and disinflation expected to proceed unevenly.
“Overall, the Committee noted significant improvements in the current macroeconomic conditions and the positive outlook. Inflation expectations are broadly anchored, external buffers have strengthened, and confidence in the economy is returning,” the statement said.
BY KINGSLEY ASARE