The Monetary Policy Committee (MPC) of the Bank of Ghana has commenced its 126th Regular Meeting from Monday, September 15, 2025, to Wednesday, September 17, 2025, to review developments in the economy under the chairmanship of Governor, Dr. Johnson Asiama
The meeting is expected to conclude its work and announce the decision of the Committee to Ghanaians at a news conference to be held on Wednesday, September 17, 2025.
In opening remarks at the meeting, the Governor said the banking sector remains stable and improving, with the capital adequacy ratio (without reliefs) rising to 19.5 percent in July; while NPLs remain elevated at 21.7 percent, they drop to 8.4 percent when fully provisioned losses are excluded, underscoring ongoing resilience as recapitalization and strict underwriting continue.
On the fiscal side, he said, “execution in the first half of 2025 signaled consolidation: the deficit on a commitment basis was contained at 0.7 percent of GDP, below target, contributing, together with cedi strength and external restructuring, to a decline in the public debt ratio by mid-year”.
Against this backdrop of easing inflation pressures, anchored expectations, and stronger buffers, Dr. Asiama noted that, “the MPC in July reduced the policy rate by 300 basis points to 25.0 percent, while reiterating our readiness to adjust as the disinflation process evolves and risks, such as global trade disruptions or prospective utility tariff adjustments, are assessed. Our commitment remains firm: maintain price stability, safeguard financial stability, and create the conditions for inclusive, sustainable growth”.
According to him, the provisional data show GDP growth accelerated to 6.3 percent in Q2 2025, led by services and agriculture, with non-oil GDP expanding by 7.8 percent.
“High-frequency indicators confirm this momentum”, he added, and “the Bank’s Composite Index of Economic Activity was up 6.1 percent year-on-year in July, and recent PMI readings alongside our business and consumer surveys point to improving sentiment. On the price front, headline inflation fell further to 11.5 percent in August, its lowest since October 2021, supported by a tight monetary stance, fiscal consolidation, and better food supplies; core measures and expectations continue to re-anchor. External buffers have strengthened”.
