The Bank of Ghana (BoG) has pledged to safeguard recent macroeconomic gains and ensure sustained recovery, Governor Dr. Johnson Asiama stated following an emergency Monetary Policy Committee (MPC) meeting on July 17, 2025.
The central bank affirmed its commitment to proactive policy decisions despite persistent global and domestic challenges.
No new policy measures emerged from the emergency session, signaling BoG confidence in the current economic path. The meeting evaluated potential interventions ahead of the scheduled 125th MPC session starting July 28, 2025. Dr. Asiama emphasized the BoG stands ready to act swiftly should conditions deteriorate.
Recent data underscores improving stability. Headline inflation declined for the sixth consecutive month, reaching 13.7% in June 2025 – a significant drop from 23.8% in December 2024. Core inflation indicators suggest expectations remain anchored. Ghana’s economy grew 5.3% in Q1 2025, with the non-oil sector expanding 6.8%, driven by strong agriculture and services output.
External sector performance strengthened considerably. Provisional data shows a $5.6 billion trade surplus and a $3.4 billion current account surplus for H1 2025, substantially higher than H1 2024. Gross international reserves rose to $11.1 billion by end-June, providing 4.8 months of import cover. The cedi appreciated 42.6% against the US dollar year-to-date, supported by gold and cocoa exports, remittances, and policy effectiveness.
Despite domestic progress, the BoG highlighted significant global risks. It cited projections of slowing global growth to 2.8% in 2025 and the uneven pace of worldwide disinflation as complicating factors. The central bank will announce its next monetary policy rate decision on July 30 following the full MPC meeting.
“We stand ready to adjust our policy stance should macroeconomic conditions demand it,” Dr. Asiama stated. “Our focus is on consolidating gains, anchoring inflation expectations, and fostering a strong and resilient economy.”
