The Advisor to the Governor of the Bank of Ghana, Dr. John Kwabena Kwakye, has emphasized that Ghana’s remarkable economic turnaround is not by chance but the result of discipline, sound policy coordination, and collective effort.
Delivering a speech on behalf of the Governor, Dr. Johnson Asiama, at the 14th Ghana Economic Forum 2025 under the theme “Currency Stability – A Reset for Sustainable Economic Growth,” at Kempinski Hotel Gold Coast City, Accra. Dr. Kwakye said the country’s recovery is “visible, measurable and real.”
He explained that Ghana’s GDP expanded by 6.3% in the second quarter of 2025, up from 5.7% a year earlier, driven mainly by growth in the services and agricultural sectors. Non-oil GDP grew even faster at 7.8%, reflecting broad-based expansion across the economy.
“The composite index of economic activity rose by 6.1% year-on-year in July, compared to just 1.9% in the same period last year — proof that both business and consumer confidence are returning,” he stated.
Inflation, which peaked above 54% in late 2022, has dropped sharply to 9.4% as of September 2025, the first time in four years it has fallen within the Bank of Ghana’s medium-term target band of 8% ± 2%.
“This disinflation reflects a combination of tight monetary policy, improved food supply, and restored policy credibility,” Dr. Kwakye explained.
He further highlighted Ghana’s strengthened external sector, noting that the country recorded a US$6.2 billion trade surplus in the first eight months of the year nearly three times that of last year.
Reserves have risen to over US$12 billion, providing more than four and a half months of import cover.
According to him, these outcomes “reflect not luck but design,” emphasizing that the progress stems from prudent liquidity management, fiscal consolidation, and coordinated reforms under the IMF-supported programme.
“What we are witnessing today is more than a recovery, it is a reset of confidence. Ghana is rebuilding credibility, re-anchoring expectations, and shifting from short-term stabilization to long-term productive transformation,” Dr. Kwakye stated.
Story By: Nana Antwi Boasiako
