The Governor of the Bank of Ghana, Dr. Johnson Asiama, has indicated that the Ghanaian economy is currently moving from a recovery phase into a stage of genuine expansion.
He noted that various sectors of the economy have exceeded expectations, demonstrating that the growth momentum is now more evenly spread rather than being concentrated in just a few industries.
During his address at the commencement of the 127th Monetary Policy Committee meeting on November 24, 2025, Dr. Asiama remarked that economic activity has significantly strengthened this quarter, with growth becoming more widespread and stable across numerous sectors.
“What is particularly notable this quarter is the widespread momentum in economic activity. Growth has been more robust and diversified than initially expected,” he stated.
In the first half of the year, a GDP growth of 6.3 percent was recorded, driven by strong performances in the services and agriculture sectors, while non-oil GDP increased to 7.8 percent. High-frequency indicators support this trend, with the Composite Index of Economic Activity rising by approximately 9 percent, alongside ongoing optimism among businesses and consumers. These improvements indicate that the negative output gap is closing and the economy is progressively transitioning from recovery to expansion,” he added.
Dr. Johnson Asiama emphasized that this progress is a result of intentional policy measures. He highlighted the importance of maintaining fiscal discipline, a cautious yet assertive monetary policy stance, and structural reforms, particularly in foreign exchange operations and the rebuilding of external buffers.
He also pointed out that the 2026 Budget reinforces this discipline and prioritizes growth and job creation as central to Ghana’s next phase of economic transformation.
This announcement coincides with the commencement of the 127th meeting of the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) today, November 24, 2025, where discussions are anticipated to center on significant macroeconomic developments influencing the country’s recovery path.
This occurs concurrently with a period in which inflation has persistently declined, reaching 8 percent in October, a trend influenced by ongoing stringent monetary policy, fiscal consolidation, and enhanced food supply conditions.
