The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, says Ghana’s economic recovery is gathering pace despite global uncertainties.
Delivering opening remarks at the 126th Monetary Policy Committee meeting in Accra today, Dr. Asiama stated, “Ghana’s recovery is gaining momentum even as the global environment remains uncertain.”
According to him, provisional data show GDP growth accelerated to 6.3 percent in the second quarter of 2025, driven mainly by services and agriculture, with non-oil GDP expanding by 7.8 percent.
On inflation, Dr. Asiama disclosed that headline inflation had fallen further to 11.5 percent in August, the lowest since October 2021, explaining that “This reflects the impact of a tight monetary stance, fiscal consolidation, and better food supplies.”
He further highlighted Ghana’s improved external position, noting a US$6.2 billion trade surplus in the first eight months of the year, and gross reserves of US$10.7 billion, covering about four and a half months of imports.
The cedi, he said, remains among the world’s strongest currencies this year, appreciating by 21 percent. “This outperformance reflects prudent monetary policy, effective liquidity management, fiscal consolidation, and increased foreign-exchange inflows,” Dr. Asiama added.
On the domestic front, the Governor assured that the banking sector remains resilient, with capital adequacy rising to 19.5 percent in July. Fiscal consolidation, he said, has also helped contain the deficit at 0.7 percent of GDP in the first half of 2025.
Recalling the MPC’s July decision, Dr. Asiama said, “Against this backdrop of easing inflation pressures, anchored expectations, and stronger buffers, the MPC reduced the policy rate by 300 basis points to 25 percent. Our commitment remains firm: to maintain price stability, safeguard financial stability, and create the conditions for inclusive, sustainable growth.”
Read Opening Remarks Below:
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