The Chairman of the Economy and Development Committee in parliament, Dr. Eric Afful has submitted that by mid-2025, the Ghanaian economy was showing remarkable signs of recovery and growth, with inflation, which had soared to 23.4% in January 2025, was gradually declining and stood at 18.3% by May.
He said this decrease meant that prices of everyday goods and services were becoming more stable, easing the burden on households and businesses alike.
These were contained in a statement on the highlights of the positive trend of the economy of Ghana delivered to Parliament on Monday, 14th July, 2025.
“Mr. Speaker, due to the current performance of the economy, the Switzerland government has awarded a grant of 77 million Dollars to support the development of a resilient and forward-looking economy of Ghana.
Switzerland has pledged its support to Ghana through economy, trade, governance, democracy, peace and security, environment and climate change as well as sustainable development. Right Hon. Speaker, I would therefore entreat all to simply support the government in achieving the targeted financial and economic indices stated in the 2025 Budget Statement and Economic Policy. Thank you, Mr. Speaker, for the opportunity”.
According to him, the country’s Gross Domestic Product (GDP) is on a steady rise, with an impressive 2.3% increase in economic activity recorded in March 2025—more than double the growth rate of the previous year, with “business confidence soaring, with surveys indicating the highest optimism in seven years. Manufacturing and services sectors experienced increased output, signaling a robust economic outlook”.
He said Ghana’s external sector has also flourished-the country earned a surplus of over 2 billion dollars in the first quarter of 2025, driven by higher gold and cocoa prices, as well as strong remittance inflows from Ghanaians abroad. This positive balance helped build Ghana’s international reserves, which reached over 10.7 billion dollars, covering nearly five months of imports—a healthy buffer for the economy.
On the currency, the Chainman mentioned that Ghanaian cedi appreciated significantly against major currencies, strengthening by over 24% against the US dollar. This he said, is a result of prudent monetary policies, fiscal discipline, and improved market confidence. The Central Bank maintained a steady policy rate, supporting growth while keeping inflation in check.
The government’s efforts attracted international support, including a generous grant of 77 million dollars from Switzerland. This aid was aimed at building a resilient and sustainable economy, focusing on trade, governance, climate change, and development.
