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The Bank of Ghana (BoG) has assured Ghanaians of its unwavering commitment to safeguarding recent macroeconomic stability and driving sustained recovery, despite persistent global and local headwinds.
Following an emergency Monetary Policy Committee (MPC) meeting held on Thursday, July 17, 2025, Governor Dr. Johnson Asiama said the central bank remains resolute in making responsible and proactive policy decisions to sustain progress made so far.
The meeting was convened to evaluate whether any immediate monetary interventions were necessary ahead of the scheduled 125th MPC session, set for July 28–30, 2025. No new measures were announced, signalling BoG’s confidence in the current economic trajectory, though the bank affirmed its readiness to act swiftly if needed.
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The MPC noted with optimism that headline inflation had declined for the sixth consecutive month, falling to 13.7% in June 2025, down significantly from 23.8% in December 2024.
Core inflation indicators also point to anchored inflation expectations, validating the effectiveness of recent monetary policy actions.
Ghana’s economy expanded by 5.3% in the first quarter of 2025, with the non-oil sector growing even faster at 6.8%, led by robust output in agriculture and services.
The BoG noted that these figures reflect improved investor sentiment, rising productivity, and broad-based economic recovery.
Ghana’s external position has strengthened markedly, with provisional data showing a $5.6 billion trade surplus and a $3.4 billion current account surplus in the first half of 2025—well above the $1.4 billion and $283.1 million recorded in the same period in 2024.
As a result, gross international reserves jumped to $11.1 billion by the end of June, providing 4.8 months of import cover, compared to $8.98 billion at the close of 2024.
The Ghanaian cedi has appreciated by a staggering 42.6% against the US dollar year-to-date, a recovery driven by strong forex inflows from gold and cocoa exports, remittances, and investor confidence, along with sound policy implementation.
Despite the positive domestic picture, the BoG cautioned about growing global risks.
Global growth is projected to slow to 2.8% in 2025, from 3.3% in 2024, due to weakening momentum and tighter financial conditions.
While disinflation is underway globally, its uneven pace is adding complexity to monetary policy decisions across emerging and developed economies.
The BoG will announce its monetary policy rate decision at the conclusion of its 125th MPC meeting on Wednesday, July 30.
Analysts anticipate the central bank will weigh its recent progress in stabilising prices and the exchange rate against ongoing global uncertainties and domestic fiscal pressures.
“We stand ready to adjust our policy stance should macroeconomic conditions demand it,” said Dr. Asiama.
“Our focus is on consolidating gains, anchoring inflation expectations, and fostering a strong and resilient economy.”
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