Ghana's economic recovery gains momentum as financial sector deepens

Ghana’s economy is showing strong signs of recovery, with inflation falling to 6.3 per cent in November 2025, the lowest level in years and foreign reserves rising to US$11.4 billion.

According to the Bank of Ghana, the reserve position provides nearly five months of import cover.

The cedi has appreciated by more than 24 per cent year-to-date, supported by tighter monetary policy, improved fiscal discipline, and stronger external buffers.

Economic activity has responded positively, with GDP growth reaching 6.3 percent in the first half of 2025, while non-oil growth accelerated to nearly eight per cent.

Governor of the Bank of Ghana, Dr Johnson Asiama, said the gains reflect coordinated policy efforts following one of the most difficult macroeconomic episodes in recent history.

“Just three years ago, inflation surged to 54.1 percent, reserves fell to half a month of import cover, and confidence was severely eroded. Today, the recovery is real, measurable, and meaningful,” he stated.

Dr Asiama made the remarks at the listing of First Atlantic Bank on the Ghana Stock Exchange in Accra, following a successful Initial Public Offering (IPO).

He emphasised that reform must follow recovery, describing the bank’s listing as a critical step toward building economic resilience.

“Bank listings broaden ownership, deepen accountability, and strengthen governance. They are not just capital-market exercises; they are stability instruments,” he said.

The Governor noted that Ghana’s pension sector now holds over GH¢100 billion in assets, creating significant opportunities for domestic investment beyond government securities.

“The oversubscription of recent equity offers shows that when credible assets are available, domestic capital responds,” he added.

Dr Asiama called on more banks and corporates to access the equity market, stressing that a diversified ownership structure would reduce concentration risks and support sustainable growth.

“By 2026 and beyond, deeper capital markets and broader domestic participation will enhance resilience and align the financial system with national development objectives,” he said.

The Bank of Ghana pledged continued collaboration with regulators, market operators, and institutional investors to encourage additional listings and strengthen overall financial stability.