1. Inflation Shows Dramatic Improvement
Consumer price inflation dropped significantly to 13.7% in June 2025, down from 23.8% in December 2024. This represents the lowest inflation rate in over a year, with food inflation falling even more dramatically from 27.8% to 16.3%.
- 1. Inflation Shows Dramatic Improvement
- 2. Currency Strengthens Remarkably
- 3. Economic Growth Remains Robust
- 4. Foreign Reserves Hit Multi-Year High
- 5. Public Debt Burden Significantly Reduced
- 6. Interest Rates Remain Elevated but Stable
- 7. Trade Surplus Expands Substantially
- 8. Gold Exports Drive External Performance
- 9. Banking Sector Shows Mixed Signals
- 10. Digital Payments Continue Strong Growth
2. Currency Strengthens Remarkably
The Ghana Cedi has appreciated 42.6% year-to-date against the US Dollar as of June 2025 (USD/GHC rate of 10.31), marking a dramatic turnaround from the 19.2% depreciation recorded in December 2024.
3. Economic Growth Remains Robust
Ghana’s GDP grew by 5.3% in Q1 2025, with non-oil GDP expanding by 6.8%. The overall 2024 growth rate was 5.7%, significantly outpacing the 3.1% recorded in 2023.
4. Foreign Reserves Hit Multi-Year High
Gross International Reserves reached $11.12 billion in June 2025, providing 4.8 months of import cover – the highest level in recent years and well above the 3-month minimum threshold.
5. Public Debt Burden Significantly Reduced
Total public debt-to-GDP ratio improved dramatically to 43.8% in June 2025, down from 61.8% in December 2024. This represents substantial fiscal consolidation following debt restructuring efforts.
6. Interest Rates Remain Elevated but Stable
The Monetary Policy Rate stands at 28.0%, unchanged since March 2025, while treasury bill rates have fallen significantly – the 91-day bill dropped from 27.73% in December 2024 to 14.74% in June 2025.
7. Trade Surplus Expands Substantially
Ghana recorded a trade surplus of $5.57 billion in the first half of 2025, driven by strong gold exports ($8.39 billion) and cocoa exports ($2.17 billion), contributing to a current account surplus of 3.9% of GDP.
8. Gold Exports Drive External Performance
Gold exports reached $8.39 billion in H1 2025, benefiting from high international gold prices that averaged $3,351.6 per ounce in June – a 26.9% increase year-to-date.
9. Banking Sector Shows Mixed Signals
While the banking sector maintains adequate capitalization with a Capital Adequacy Ratio of 19.7%, Non-Performing Loans remain elevated at 23.1%, indicating ongoing credit quality challenges.
10. Digital Payments Continue Strong Growth
Mobile money transactions reached 735 million in June 2025 with a value of GH₵323.2 billion, while registered accounts grew to 76.4 million, demonstrating the continued digitization of Ghana’s financial system.
