The Ministry of Finance has underscored what it describes as a marked improvement in Ghana’s macroeconomic performance, citing declining inflation, easing interest rates, and a significantly strengthened cedi as clear indicators of a broad-based economic recovery in 2025.
In a press statement issued on Monday, February 23, 2026, the Ministry outlined key economic developments that it said reflect the impact of sustained fiscal consolidation and prudent monetary management.
According to the statement, provisional data show that real Gross Domestic Product (GDP) expanded by 6.1 per cent year-on-year during the first three quarters of 2025. Growth was primarily driven by robust performances in the services and agriculture sectors. Notably, non-oil GDP growth outpaced overall expansion, rising to 7.5 per cent compared to 5.8 per cent recorded over the corresponding period in 2024.
Inflation, which had remained elevated at the close of 2024, declined consistently for thirteen consecutive months. The rate fell sharply from 23.5 per cent in January 2025 to 3.8 per cent by January 2026, signalling a significant easing of price pressures across the economy.
Interest rates also trended downward. The 91-day Treasury bill rate dropped from 27.7 per cent at the end of 2024 to 6.5 per cent in February 2026. Similarly, average commercial lending rates moderated from 30.25 per cent in 2024 to 20.45 per cent in 2025, reflecting improved liquidity conditions and enhanced market confidence.
The cedi recorded substantial gains against major international currencies over the period under review. By the end of December 2025, the local currency had appreciated by 40.7 per cent against the US dollar. It also strengthened by 30.9 per cent against the British pound sterling and 24.0 per cent against the euro.
On the external front, Ghana’s current account posted a surplus of US$9.1 billion, while gross international reserves rose to US$13.8 billion—equivalent to approximately 5.7 months of import cover—bolstering the country’s external buffers.
The Ministry attributed the turnaround to coordinated fiscal and monetary policy interventions aimed at stabilising the economy, restoring investor confidence, and reinforcing macroeconomic fundamentals.
It emphasised that maintaining macroeconomic stability remains central to the government’s broader strategy to consolidate growth, stimulate private sector expansion, and enhance living standards nationwide.
