ACCRA, Ghana – The Monetary Policy Committee (MPC) of the Bank of Ghana convened an emergency meeting on Thursday, July 17, 2025, to assess the nation’s economic conditions ahead of its regularly scheduled session later this month. While no immediate policy action was announced, the committee observed significant positive trends across key macroeconomic indicators.
According to a press release issued today, the MPC noted that headline inflation has steadily declined for six consecutive months, reaching 13.7 percent in June 2025 from 23.8 percent in December 2024, with core inflation measures showing re-anchored expectations. Real Gross Domestic Product (GDP) growth remained robust at 5.3 percent in the first quarter of 2025, driven by strong performance in the agriculture and services sectors.
Ghana’s external sector continued to strengthen, achieving a provisional trade surplus of $5.6 billion and a current account surplus of $3.4 billion in the first half of 2025. These gains contributed to an improvement in gross international reserves to $11.1 billion by end-June 2025, equivalent to 4.8 months of import cover.
Furthermore, the Ghanaian Cedi has appreciated significantly, gaining 42.6 percent against the US dollar year-to-date, bolstered by strong foreign exchange inflows and improved investor sentiment. Despite a recognized uncertain global environment with weakening growth momentum, the MPC expressed confidence in the overall positive outlook for Ghana’s economy, citing anchored inflation expectations, strengthened external buffers, and returning confidence.
The committee reaffirmed its commitment to supporting the recovery process while safeguarding the gains made. The next regular MPC meeting is scheduled from Monday, July 28, to Wednesday, July 30, 2025.
Ruth Abla ADJORLOLO
