Governor of the Central Bank, Dr. Johnson Asiama, has disclosed that for the first eight months of the year ending 31st December, 2025, Ghana has recorded a trade surplus of US$6.2 billion, underpinned by robust gold exports and higher cocoa receipts.
Speaking at the 126th Regular Meeting of the Monetary Policy Committee (MPC) of the Bank, which commenced on Monday, September 15, 2025, and to be concluded on Wednesday, September 17, 2025, to review developments in the economy under his chairmanship, said, the Gross international reserves stood at US$10.7 billion in August, covering about 4½ months of imports despite seasonal pressures and a moderation in remittance inflows in recent weeks, “the cedi remains among the strongest currencies globally year-to-date, appreciating by about 21 percent as of September 12”.
The cedi now ranks alongside high performers such as the Russian ruble, Swedish krona, Norwegian krone, Swiss franc, Euro, and British pound.
This outperformance he mentioned reflects prudent monetary policy, effective liquidity management, fiscal consolidation, and increased foreign exchange inflows.
According to him, 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, “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, 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”, he added.
