The Governor of the Bank of Ghana, Dr. Johnson Asiamah, has announced that Ghana’s economy is firmly transitioning from a phase of recovery into a period of real expansion, with growth now broader, more stable, and increasingly diversified across key sectors.
Speaking at the opening of the 127th Monetary Policy Committee (MPC) meeting on November 24, 2025, Dr. Asiama highlighted stronger-than-expected economic activity this quarter, noting that growth momentum is no longer concentrated in a few industries but is widely distributed. “What stands out this quarter is the broad momentum in economic activity. Growth has been stronger and more diversified than anticipated,” he remarked.
Official figures show that the first half of 2025 recorded a GDP growth rate of 6.3 percent, driven largely by robust performances in services and agriculture. Non-oil GDP rose even higher, reaching 7.8 percent. High-frequency indicators confirm this trend, with the Composite Index of Economic Activity climbing by about 9 percent. Business and consumer confidence have also improved significantly, underscoring optimism about the country’s economic outlook. Dr. Asiamah explained that these gains demonstrate a narrowing of the negative output gap, signaling that Ghana is steadily shifting from recovery to expansion.
The Governor attributed the progress to deliberate policy choices, including sustained fiscal discipline, a cautious but firm monetary policy stance, and structural reforms aimed at strengthening foreign exchange operations and rebuilding external buffers. He emphasized that the 2026 Budget builds on this foundation, placing growth and job creation at the centre of Ghana’s next phase of economic transformation.
The MPC’s 127th meeting is expected to deliberate on key macroeconomic developments shaping the recovery trajectory. The meeting comes at a time when inflation continues to ease, falling to 8 percent in October. This decline has been supported by tight monetary policy, fiscal consolidation, and improved food supply conditions.
Dr. Asiamah’s remarks signal growing confidence in Ghana’s economic resilience, as policymakers prepare to consolidate gains and drive inclusive growth in the years ahead.
