MP for Amenfi West Lauds Ghana’s Economic Turnaround, Highlights Key Growth Indicators

Chairman of Parliament’s Economy and Development Committee and Member of Parliament for Amenfi West, Dr. Eric Afful, has commended the significant strides made by Ghana’s economy in the first half of 2025, attributing the recovery to sound fiscal policies and improved macroeconomic management under the leadership of President John Dramani Mahama.

Delivering a statement on the floor of Parliament, Dr. Afful presented a positive outlook on the country’s economic trajectory, citing recent data from the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) and the Ghana Statistical Service. He said the improvements were evident in inflation control, public debt management, currency stability, and external reserve growth.

“Ghana’s economy is clearly on a recovery path. Inflation, which was 23.4% in January 2025, has declined to 18.3% as of May. This downward trend has already begun to reflect in the prices of goods and services across the country,” Dr. Afful stated.

He added that the Composite Index of Economic Activity (CIEA) recorded a 2.3% year-on-year growth in March 2025, compared to 1.0% over the same period in 2024, signalling renewed economic momentum.

Key Macroeconomic Gains

The MP further highlighted the performance of the Purchasing Managers’ Index (PMI), which surpassed the 50-point threshold—an indication of growing private sector confidence and an increase in new orders and production output.

On fiscal policy, Dr. Afful noted that the primary fiscal balance improved significantly during the first quarter of 2025. He also revealed that Ghana’s public debt stock stood at GH₵769.4 billion as of March 2025, representing 55% of GDP, a notable improvement from 61.8% in December 2024.

The external sector, he said, showed marked progress as well, with a current account surplus of US$2.1 billion in the first quarter of 2025. This was driven by increased gold and cocoa exports, along with strong remittance inflows. Ghana also recorded an overall balance of payments surplus of US$1.1 billion, and its gross international reserves reached US$10.7 billion, covering 4.7 months of imports.

“These strong external indicators point to sustained economic resilience and growing investor confidence,” Dr. Afful noted.

Cedi Appreciation and International Support

Dr. Afful highlighted that the Ghana cedi had appreciated significantly against major international currencies. As of May 21, 2025, the cedi had strengthened by: 24.1% against the US Dollar, 16.2% against the British Pound and 14.1% against the Euro.

He attributed this performance to tight monetary policy, disciplined fiscal consolidation, improved foreign exchange regulation, and strong reserve accumulation.

The MP also reported that Ghana’s economic recovery had attracted international recognition. Notably, the Swiss government awarded a US$77 million grant to support Ghana’s efforts toward a resilient, inclusive, and sustainable economy, covering sectors such as governance, trade, climate change, and peace and security.

A Call for Collective Effort

Dr. Afful urged all stakeholders—including households, businesses, and policymakers—to support ongoing government efforts to meet the targets set in the 2025 Budget and Economic Policy