Ghana’s economy “turned a corner in 2025,” according to the Bank of Ghana’s financial results, with inflation, the cedi, and reserves all posting dramatic improvements.
2025 BoG Financials (29 April 2026)
Key numbers for 2025:
Inflation: 23.8% → 5.4%, with 13 straight months of decline.
Lowest since inflation targeting began.
By March 2026 it fell further to 3.2%.
Cedi: Gained 40.7% vs USD, moving from GH¢14.70 to GH¢10.45. Named best-performing currency in 2025 by Bloomberg.
Reserves: $9.1bn → $13.8bn, a record high covering 5.7 months of imports. Currently $14.5bn.
Policy rate: Cut 1000bps from 28% → 18%, then to 14% by March 2026.
Lending rates: 30.25% → 20.45%, down to 17.7% by March 2026.
Public debt: 61.8% → 45.3% of GDP, a GH¢82.1bn nominal reduction aided by stronger cedi.
The Bank posted a GH¢15.6bn net loss, GH¢6.2bn deeper than 2024. Cumulative negative equity widened to GH¢96.3bn.
BoG attributes this to “the cost of stabilisation” — fighting inflation, absorbing excess liquidity, and rebuilding reserves.
“The reserves didn’t shrink. The ruler changed,” BoG said, noting FX revaluation losses are accounting entries, not cash movements.
