Ghana’s economic recovery gained strong momentum in 2025, with real Gross Domestic Product (GDP) growth accelerating to 6.1 % in the first three quarters of the year, up from 5.8 % over the same period in 2024.
The Governor of the Bank of Ghana and Chairman of the Monetary Policy Committee, Dr. Johnson Pandit Asiama, disclosed this at the 128th Monetary Policy Committee Press Briefing, where he outlined key developments in the domestic economy.
According to the Governor, growth in the non-oil sector was even stronger, expanding by 7.5 %, compared to 5.8 % in the previous year, driven mainly by improved performance in the services and agriculture sectors.
Dr. Asiama noted that economic activity continued to strengthen towards the end of the year, with the Bank’s Composite Index of Economic Activity (CIEA) recording 8.8 % growth in November 2025, a significant improvement from 1.5 % growth in November 2024. He explained that international trade, private sector credit, industrial production, and consumption largely accounted for the improved performance.
He further indicated that both consumer and business confidence surveys pointed to improved sentiment, supported by easing inflationary pressures, a relatively stable currency, prospects of lower borrowing costs, and improved business outlook.
On price developments, the Governor announced a sharp decline in headline inflation from 23.8 % in December 2024 to 5.4 % in December 2025, describing the disinflation process as broad-based.
Dr. Asiama attributed the sharp slowdown in inflation to tight monetary policy, fiscal consolidation, and currency appreciation, adding that inflation expectations among consumers, businesses, and the financial sector remained well-anchored. Core inflation, which excludes energy and utility prices, also eased, pointing to reduced underlying inflationary pressures.
Meanwhile, public debt declined significantly to 45.5 % of GDP at the end of November 2025, down from 63.1 % a year earlier, reflecting improved fiscal conditions.
In the banking sector, the Governor said performance remained strong, with total assets increasing on the back of growth in deposits, domestic borrowing, and shareholders’ funds. Financial soundness indicators showed that the sector remained solvent, profitable, and efficient, while the non-performing loans ratio improved to 18.9 % in December 2025, from 21.8 % in 2024, although it remained elevated.
