Governor of Bank of Ghana, Dr. Johnson Asiama
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) after its emergency meeting has announced that the economy has seen some significant improvements with a positive outlook.
In statement released on Friday, July 18, 2025, after the meeting to determine whether current conditions warranted any immediate action ahead of the scheduled 125th MPC meetings, the committee said all macro-economic indicators showed good results.
“Inflation expectations are broadly anchored, external buffers have strengthened, and confidence in the economy is returning. The Committee reaffirmed its commitment to support the recovery process without compromising the gains achieved so far”, it said.
According to the committee, the disinflation momentum has strengthened, with headline inflation falling steadily for six consecutive months to 13.7 percent in June 2025, down from 23.8 percent in December 2024 as core inflation measures also show a re-anchoring of expectations.
It added that real sector performance remains strong, with real GDP growth reaching 5.3 percent in the first quarter of 2025 as non-oil GDP growth was stronger at 6.8 percent, driven by robust activity in agriculture and services sectors.
“The external sector continues to strengthen, with 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, compared with US$1.4 billion and US$283.1 million, respectively, in the first half of 2024. These gains have contributed to higher reserve accumulation”.
The committee pointed out that gross international reserves improved to US$11.1 billion as at end-June 2025, equivalent to 4.8 months of import cover, from US$8.98 billion at end-2024.
On the local currency, it said the cedi has appreciated significantly, gaining 42.6 percent, year-to-date, against the US dollar, supported by strong foreign exchange inflows from gold and cocoa exports, remittances, improved investor sentiments, and prudent policy implementation.
“The global environment remains uncertain. Growth momentum is weakening, and is projected to slow to 2.8 percent in 2025, from 3.3 percent in 2024. Global financial conditions remain tight, and disinflation, though ongoing, is expected to proceed unevenly”.
“Overall, the Committee noted significant improvements in the current macroeconomic conditions and the positive outlook”.
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