Finance Minister Dr. Cassiel Ato Forson has declared that the country’s macroeconomic fundamentals are stabilising, with inflation, interest rates, and fiscal deficits on the decline, while the Ghana cedi records its strongest appreciation in decades.
Delivering the 2025 Mid-Year Fiscal Policy Review to Parliament on July 24, Dr. Forson described the economic turnaround as “tangible, visible, and being felt,” attributing it to deliberate fiscal discipline, improved monetary coordination, and structural reforms under President John Mahama’s administration.
According to the minister, inflation fell from 23.8% in December 2024 to 13.7% by June 2025, marking “a massive 10.1 percentage point decline” and the lowest rate since December 2021. “This is not by chance or sheer luck,” Dr. Forson said. “It is the result of hard work and deliberate policies.”
Food inflation dropped by 11.5 percentage points, while producer price inflation fell from 26.1% to 5.9% in the same period. Interest rates followed suit, with the 91-day treasury bill rate plunging from 27.7% in December to 14.7% by mid-year.
The Ghana cedi also staged a historic comeback, appreciating by 42.6% against the US dollar, 30.3% against the British pound, and 25.6% against the euro. “Mr. Speaker, so far, we have almost reversed all the cedi depreciation in 2022, 2023, and 2024,” he said. “This level of appreciation has never happened in the history of our nation.”
Growth figures also pointed to resilience. Ghana’s economy expanded by 5.3% in the first quarter of 2025, the highest first-quarter performance since 2020. Agriculture led with 6.6% growth, while the ICT subsector surged by 13.1% within the services sector.
Dr. Forson emphasized that the turnaround stems from the government’s structural reset strategy, including the creation of the Ghana Gold Board, a national dialogue process, and re-coordination between the Finance Ministry and the Bank of Ghana.
“Let me assure all Ghanaians that the stability in the exchange rate and the lower prices we are experiencing will be sustained,” he stated, adding that businesses must now reflect the macro gains in pricing.
While cautioning that “we are not out of the woods,” the Finance Minister expressed optimism that the second half of 2025 would see further gains, anchored by “fiscal discipline, targeted investment, and strategic policy implementation.”
