RE: Ghana eyes economic stability as reforms spur investor confidence
In the Wednesday 28 May edition of the New Finder, our story under the above headline inadvertently stated that Bank of Ghana had maintained its policy rate at 27 %. This was a typographical error.
For the records, the Central bank last Friday maintained its policy rate at 28 %, not 27 % as we previously stated.
The error is deeply regretted. Thanks.
Please read the updated story below:
Ghana’s economic landscape is showing signs of recovery and resilience, bolstered by recent policy decisions and positive market indicators.
The Bank of Ghana has maintained its key interest rate at 28. %, aiming to reinforce tight monetary policy amidst easing inflation pressures. This decision follows a surprise 100 basis points increase in March. Ghana’s annual consumer inflation rate declined for the fourth consecutive month, reaching 21.2% in April from 22.4% in March, though still significantly above the central bank’s 8% target with a 2-point margin.
The Ghanaian cedi is appreciating, currently trading at 10.29 to the dollar, bolstered by high remittance inflows and central bank support.
Ghana’s economy is projected to experience sustained growth in 2025, with GDP projected to expand by 5.4% year-on-year, according to insights shared by the Head of Africa Research at Standard Bank Group, Jibran Qureishi. This follows a 5.8% growth in 2024, up from 2.9% in 2023. The mining sector, particularly gold, remains a key driver of growth.
The government has announced plans to revise the Public Procurement Authority (PPA) Act to require the procurement of made-in-Ghana goods and strengthen local manufacturing under its 24-hour economy policy. This initiative aims to support transformation in the manufacturing sector while promoting local consumption
Additionally, starting May 1, 2025, Ghana prohibited foreigners from trading or purchasing artisanally mined gold in the country. This policy shift was announced by the newly established Ghana Gold Board (GoldBod), aiming to boost regulatory oversight, increase government revenue from gold exports, and address ongoing issues with illegal gold mining
Ghana has surpassed a key milestone under its IMF programme—more than a year ahead of schedule. As of February 2025, the country’s gross international reserves stood at $9.3 billion, equivalent to four months of import cover. This early achievement is seen as a major boost to investor confidence and could bolster the stability of the cedi in the coming months.
Ghana’s economic indicators suggest a positive trajectory, with policy reforms and market responses contributing to a more stable and growth-oriented environment. Continued vigilance and strategic planning will be essential to sustain this momentum and address ongoing challenges. Scan this news story for grammatical errors
