BoG Governor reports strong growth, single-digit inflation post-MPC
The Governor of the Bank of Ghana, Dr Johnson Asiama, has presented an update on Ghana’s macroeconomic performance at the Post-MPC Engagement with Heads of Banks, outlining recent trends in inflation, growth and external balances following the Monetary Policy Committee’s 126th meeting.
Dr Asiama reported that inflation declined steadily to 9.4 per cent in September 2025, marking the ninth consecutive month of decreases and the first return to single-digit inflation in four years.
He noted significant drops in food inflation to 11 per cent and non-food inflation to 8.2 per cent, attributing these improvements to consistent monetary policies, prudent liquidity management and fiscal consolidation efforts.
“Food inflation dropped sharply to 11 per cent, while non-food inflation eased to 8.2 per cent. These trends reflect the impact of consistent monetary policy, prudent liquidity management and fiscal consolidation,” Dr Asiama stated.
On economic growth, the Governor highlighted resilient momentum, with Ghana’s economy expanding by 6.3 per cent in the second quarter of 2025.
Non-oil sectors grew by 7.8 per cent, buoyed by strong performances in services and agriculture. Additionally, the Composite Index of Economic Activity rose by 6.1 per cent in July, reflecting steady domestic demand and production.
Regarding external fundamentals, Dr Asiama cited a trade surplus of USD6.2 billion recorded in the first eight months of 2025. International reserves stood at USD10.7 billion, providing 4.5 months of import cover, while the Ghanaian cedi appreciated by 21 per cent year-to-date, ranking it among the world’s best-performing currencies.
“International reserves have reached USD10.7 billion, equivalent to 4.5 months of import cover. The cedi has appreciated by 21 per cent year-to-date, placing it among the best-performing currencies globally,” he remarked.
Dr Asiama added that these indicators demonstrate increased market confidence and the effectiveness of Ghana’s economic policies, setting a positive trajectory towards sustained economic stability and growth.
