Member of Parliament for Amenfi West and Chairman on Parliament’s Economy Committee, Hon. Eric Afful asserts that Ghana’s economy is experiencing a sustained pickup in activities, with key indicators pointing towards continued positive trends. He presented this assessment on the floor of Parliament.
Hon. Afful highlighted that the updated composite index of economic activities saw a year-on-year increase of 2.3% in March 2025, a notable rise from 1.0% recorded during the same period in 2024.
“The Bank’s High Frequency Reserve Sector Indicators point to a sustained pickup in economic activity.” Afful elaborated. ” The updated Composite Index of Economic Activity increased by 2.3% on-year in March 2025 compared to 1.0% over the same period last year, 2024. In addition, the Purchasing Managers’ Index rose above the 50 benchmark as outlooks and new orders increased signalling improved growth and prosperity.”
He noted that the Purchasing Managers’ Index (PMI) has climbed above the 50-point benchmark, a clear signal of improved growth prospects for the nation.
Confidence among businesses and consumers he believes has also reached a seven-year high, as indicated by the 24th report from the Bank of Ghana’s Monetary Policy Committee. This surge in confidence reflects a more optimistic economic outlook across the country.
In a development for households, the Chairman pointed out that headline inflation has consistently declined this year, dropping to 18.3% in May 2025. A reduction he affirmed is already translating into lower prices for a range of goods and services.
Eric Afful stated that the nation’s primary fiscal balance on a commitment basis demonstrated substantial improvement in the first quarter of 2025.
Regarding public debt, the stock stood at GHS 769.4 billion (55% of GDP) as of March 2025. This marks an improvement from GHS 726.7 billion (61.8% of GDP) recorded at the end of December 2024, indicating a healthier fiscal position relative to the size of the economy.
“The provisional current accounts earned a surplus of 2.1 billion US dollars at the end of the first quarter of 2025, mainly driven by high prices and production volumes of gold and cocoa and strong remittance inflows. Mr. Speaker, the overall balance of payments registered as a surplus is a surplus of 1.1 billion US dollars in the first quarter of 2025.” He stated.
Story By: Eugenia Ewoenam Osei
