The Ghanaian government has reported significant economic improvements for the year 2025, highlighting a series of reforms and achievements that officials say have reset the country’s economy. The Ministry of Finance, led by Dr. Cassiel Ato Forson, credits these results to rapid policy actions following a period marked by high inflation, elevated interest rates, currency depreciation, and low investor confidence.
According to the Ministry, gross domestic product (GDP) grew by 6.1 percent in the first three quarters of 2025, compared to 5.7 percent during the same period in 2024. Non-oil GDP growth reached 7.5 percent. Officials state this is the fastest economic expansion since 2019.
Inflation rates also saw a notable decline. Headline inflation dropped from 23.8 percent in December 2024 to 6.3 percent by November 2025—the lowest level since February 2019. Food inflation decreased by over 21 percentage points to 6.6 percent, while non-food inflation fell to 6.1 percent.
Treasury bill rates declined sharply from above 30 percent at the end of 2024 to about 11 percent in 2025, which government representatives say has reduced borrowing costs and improved access to credit for businesses.
The Ghanaian cedi appreciated against major currencies for the first time in years: up by more than 40 percent against the US dollar, nearly 31 percent against the pound sterling, and about 24 percent against the euro.
External balances improved as well; Ghana’s trade surplus increased to $8.5 billion by October’s end from $2.8 billion a year earlier, while gross international reserves rose to $11.41 billion—covering almost five months of imports.
Public debt figures showed a decrease from GH¢726.7 billion (61.8% of GDP) at the close of December 2024 to GH¢630.2 billion (45% of GDP) by October 2025.
Investor sentiment appeared to improve with Fitch, Moody’s, and S&P all upgrading Ghana’s credit ratings—a development described as “the first triple upgrade in years and a powerful endorsement of fiscal credibility.”
Fiscal discipline was highlighted with an achieved primary surplus equivalent to nearly two percent of GDP by October—tripling initial targets.
Tax reforms included abolishing several levies such as the COVID-19 Levy and e-Levy, reducing VAT rates and expanding input deductions for businesses.
In addition, changes were made to fiscal rules: amendments now cap public debt at no more than 45% of GDP by the year 2034 and require an annual primary surplus minimum of at least one-and-a-half percent.
Oil revenues and mining royalties were redirected toward infrastructure projects under The Big Push initiative; local governments received at least eighty percent direct transfers from these funds.
Within financial markets, authorities recapitalized National Investment Bank with GH¢1.92 billion and reported increases in total funds under management as well as trading volumes on both equity and fixed income markets.
“These figures signalled a decisive end to the stagnation of previous years,” said Dr. Cassiel Ato Forson.