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2025

Ghana’s 2025 Mid-Year Budget Review V1

Osei Adjaye-Gyamfi: FCA, Samuel Koranteng Fianko: P.h.D, Ofori Frimpong Henneh: P.h.D, Frederick Agropah: CA

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Abstract

 

Executive Performance Review   January - June 2025
#1
Global Currency Performance
40%
Cedi Appreciation vs USD
$8.3B
Gold Exports H1 2025
Inflation Rate ↓10.1%
Declined from 23.8% to 13.7% (Jan-Jun 2025).
Lowest rate since Dec 2021.
Six consecutive months of improvement.
Debt-to-GDP Ratio 43.8%
Reduced from 61.8% through fiscal consolidation.
GH₵ 113.7B debt reduction achieved.
IMF program targets exceeded.
International Reserves $11.12B
Provides 4.8 months of import cover.
Enhanced economic resilience.
Strengthened crisis buffer.
GDP Growth 5.29%
Q1 2025 year-on-year performance
exceeded market expectations.
Led by industry and services sectors.
Trade Balance $5.6B
Trade surplus achieved in June 2025.
Gold exports dominate at 64% of total
strong commodity export performance.
Currency Performance +40%
Cedi appreciation against USD in 2025
World's best-performing currency
GHS 10.50 per USD (current rate)
Strategic Achievements & Market Position
Monetary Policy Excellence
Bank of Ghana's decisive 28% policy rate strategy successfully
controlled inflation while attracting foreign investment,
creating a foundation for sustained currency stability.
Fiscal Discipline & IMF Compliance
Successful implementation of the $3 billion Extended Credit
Facility program, with all benchmarks met and third tranche
disbursement received on schedule.
Export Market Dominance
Gold exports doubled to $8.3B in H1 2025, surpassing total
import for the first time in a decade, fundamentally
strengthening the external balance.