Ghana shifts from recovery to real economic expansion - BoG Governor

Governor of the Bank of Ghana, Dr Johnson Asiama, says Ghana’s economy is moving beyond a period of recovery and entering a phase of genuine expansion, supported by stronger and more broad-based growth across key sectors.

Speaking at the opening of the 127th Monetary Policy Committee (MPC) meeting on November 24, 2025, Dr Asiama noted that economic activity has been stronger than anticipated this quarter, with momentum no longer concentrated in a few industries but spread across the wider economy.

“What stands out this quarter is the broad momentum in economic activity. Growth has been stronger and more diversified than anticipated,” he said.

The economy recorded 6.3% GDP growth in the first half of the year, driven largely by services and agriculture, while non-oil GDP expanded by 7.8%. High-frequency indicators support the outlook, with the Composite Index of Economic Activity rising by about 9%, and both business and consumer confidence remaining upbeat. These developments, Dr Asiama stated, show that the negative output gap is narrowing and the economy is steadily transitioning from recovery to expansion.

He attributed the progress to deliberate policy actions, citing sustained fiscal discipline, a cautious but firm monetary stance, and structural reforms including improvements to foreign exchange operations and rebuilding external reserves.

The Governor added that the 2026 Budget reinforces this direction by prioritising growth and job creation as central pillars of Ghana’s next phase of economic transformation.

The comments come as the MPC begins its 127th meeting, where discussions are expected to centre on major macroeconomic trends shaping the country’s recovery outlook. The meeting is taking place at a time when inflation continues its downward trajectory, easing to 8% in October, supported by tight monetary policy, fiscal consolidation and improved food supply conditions.