Africa-Press – Ghana. The Bank of Ghana Monetary Policy Committee (MPC) has convened an emergency meeting to evaluate Ghana’s strengthening macroeconomic indicators and assess whether immediate policy adjustments were necessary ahead of its 125th session later this month.
The emergency session was in line with the central bank’s commitment to proactive and responsive policy formulation, a statement issued by the bank and shared with the Ghana News Agency said.
The meeting highlighted a series of encouraging economic developments that signal a strengthening recovery and growing investor confidence.
The Committee noted a significant decline in inflation, with headline inflation falling for six consecutive months.
As of June, inflation stood at 13.7 per cent, a marked improvement from 23.8 per cent recorded in December 2024.
Core inflation indicators also pointed to a re-anchoring of inflation expectations, suggesting that monetary tightening measures implemented in previous quarters are yielding results.
Ghana’s real sector performance remains strong, the statement said, with real GDP growth reaching 5.3 per cent in the first quarter of 2025.
Notably, non-oil GDP growth surged to 6.8 per cent, driven by robust activity in the agriculture and services sectors.
This growth reflects a broad-based recovery and resilience in key productive areas of the economy.
The MPC noted that the external sector has also shown remarkable improvement and that the country recorded a provisional trade surplus of US$5.6 billion and a current account surplus of US$3.4 billion in the first half of 2025.
These figures represent a significant leap from the US$1.4 billion trade surplus and US$283.1 million current account surplus recorded during the same period in 2024.
These gains have translated into stronger foreign exchange reserves.
As of end-June 2025, gross international reserves stood at US$11.1 billion, equivalent to 4.8 months of import cover, up from US$8.98 billion at the end of 2024.
On the cedi appreciation and growing investor confidence, the bank indicated that the cedi has appreciated significantly in 2025, gaining 42.6% year-to-date against the US dollar.
This appreciation has been supported by strong foreign exchange inflows from gold and cocoa exports, remittances, improved investor sentiment, and prudent policy implementation by the central bank and government.
However, it noted, despite the domestic gains, the MPC acknowledged that the global economic environment remained uncertain.
Global growth is projected to slow to 2.8 per cent in 2025, down from 3.3 per cent in 2024, amid tight financial conditions and uneven progress in global disinflation efforts.
The Committee expressed confidence in the current macroeconomic trajectory, noting that inflation expectations were broadly anchored, external buffers have strengthened, and economic confidence was returning.
The MPC reaffirmed its commitment to supporting the recovery process without compromising the hard-won gains achieved thus far.
The next regular MPC meeting is scheduled to take place from Monday, July 28 to Wednesday, July 30, 2025, with the policy decision to be announced at the conclusion of the session.
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