- Inflation Is Slowing, but Prices Are Still Rising
Headline inflation has eased to 21.2%, down from last year’s highs. However, prices, especially for food, are still high. - The Cedi Is Gaining Strength
After months of decline, the Ghana cedi has appreciated by 24.1% in May. From over GHC15 to the dollar in March, it now trades around GHC11.85. The question remains: can it hold? - Economic Growth Is Uneven
Ghana’s economy grew by 3.6% in the last quarter of 2024. While the services sector performed well and agriculture remained stable, industry lagged behind with just 0.2% growth. - T-Bill Returns Have Dropped
Yields on 91-day Treasury bills have fallen from over 28% to 15.47%. This is good for government borrowing, but less attractive for savers relying on T-bills as a financial cushion. - Debt Levels Are Down, But Not from Spending Cuts
Public debt has dropped to 55% of GDP, down from nearly 69%. However, this improvement is mainly due to cedi gains and inflation, not a significant reduction in borrowing. - Foreign Reserves Are Solid
Ghana’s foreign reserves now stand at $10.7 billion, enough to cover 4.7 months of imports. This provides much-needed stability and confidence in the economy. - Lending Rates Are Falling, But Credit Remains Tight
Average lending rates are down to 27.4%. Despite this drop, access to affordable credit remains difficult for many small businesses and individuals. - Stock Market Performance Is Strong
The Ghana Stock Exchange is up 24.7% in 2025, with the Financial Index rising over 30%. It’s a positive sign for investors, though participation among the general public remains limited. - Mobile Money Dominates Transactions
Mobile money usage continues to soar, with GHC365 billion transacted in April alone. With over 75 million accounts registered, it remains a critical part of Ghana’s financial ecosystem. - Banks Are More Resilient, but Risks Remain
Banks are reporting profits and hold a 17.5% capital buffer. Still, 23.6% of all loans are non-performing, nearly one in four,a potential threat to financial stability.
So what?
Ghana is seeing meaningful progress on several economic fronts, particularly inflation, reserves, and currency strength. Yet, for many citizens, these improvements haven’t fully translated into relief. Real economic transformation will depend on deep reforms, inclusive growth, and policies that directly ease the burden on households and small businesses.
