- The Ghana Cedi recorded its strongest performance in history, appreciating by 42.6% against the US Dollar by the end of June 2025, effectively reversing much of the depreciation experienced between 2022 and 2024.
- Inflation in Ghana has declined significantly, with the headline rate falling from 23.8% in December 2024 to 13.7% in June 2025, alongside steep drops in food, non-food, and producer price inflation.
- Government fiscal discipline has resulted in a primary surplus of 1.1% of GDP and an overall fiscal deficit of only 0.7% on a commitment basis, both better than the mid-year targets.
- Ghana’s total public debt dropped by GH¢113.7 billion in just six months, reducing the debt-to-GDP ratio from 61.8% at the end of 2024 to 43.8% by mid-2025, a historic reversal.
- Interest rates on Treasury bills have fallen sharply, with the 91-day rate dropping from 27.7% to 14.7%, contributing to GH¢4.9 billion in domestic interest savings.
- Gross international reserves improved markedly, rising from US$8.98 billion in December 2024 to US$11.12 billion by June 2025, now covering 4.8 months of imports.
- Ghana’s IMF-supported economic programme is back on track, following a successful 4th review in July 2025 which triggered a disbursement of US$367 million, raising total IMF disbursements to US$2.3 billion.
- Fitch Ratings upgraded Ghana’s sovereign credit rating to ‘B-’ with a stable outlook, marking a return to creditworthiness after being rated in restricted default in previous years.
- The National Investment Bank (NIB) has been successfully recapitalized, improving its Capital Adequacy Ratio from a negative 53.13% to a positive 23%, safeguarding GH¢6.4 billion in depositor funds and over 900 jobs.
- Twenty-four priority infrastructure and social projects are set to resume, after Ghana reached terms with bilateral creditors under its debt restructuring programme, unlocking progress on key roads, hospitals, and markets nationwide.
So what?
Ghana is showing strong signs of economic recovery stable currency, falling inflation, and renewed investor confidence. The reset is working, but consistency is key.
