Dr. Johnson Asiama, Governor of the Bank of Ghana, announced on September 15 a trade surplus of $6.2 billion for the first eight months of 2025, mainly driven by gold and cocoa exports. The country’s gross international reserves reached $10.7 billion in August, covering 4.5 months of imports, despite pressure on the cedi and moderating remittances. The cedi has appreciated by 21% this year, positioning itself among the strongest currencies. The banking sector is considered stable and improving, with a capital adequacy ratio of 19.5% in July 2025. The Governor indicated that the policy rate would be adjusted according to disinflation and risk developments. He attributed the decline in inflation to 11.5% in August 2025 to tight monetary policy and fiscal consolidation.
According to the Bank of Ghana, the country’s trade surplus reached $6.2 billion in the first eight months of 2025. This performance is attributed to robust gold exports and increased cocoa earnings. Gross international reserves reached $10.7 billion in August, covering four and a half months of imports, despite seasonal pressure on the cedi and moderating remittance flows. The Governor of the Bank of Ghana noted that the cedi had appreciated by approximately 21% as of September 12, 2025, positioning it as one of the strongest currencies in the world this year.
The cedi now ranks alongside strong-performing currencies such as the Russian ruble, the Swedish krona, the Norwegian krone, the Swiss franc, the euro, and the pound sterling. » This outperformance reflects prudent monetary policy, effective liquidity management, fiscal consolidation, and increased foreign exchange inflows.
Johnson Asiama, Governor of the Bank of Ghana
The Governor of the Bank of Ghana assured the public that the banking sector remains stable and improving, with a capital adequacy ratio of 19.5% in July 2025 (without relief). Regarding the budget, he mentioned that execution in the first half of 2025 showed consolidation.
The deficit on a commitment basis was contained at 0.7% of GDP [Gross Domestic Product], below the target, contributing, along with the strength of the cedi and external restructuring, to a decline in the public debt ratio by mid-year.
Johnson Asiama, Governor of the Bank of Ghana
Regarding the evolution of the policy rate, the Governor reaffirmed the committee’s commitment to adjust the policy rate in line with disinflationary developments and risks such as trade disruptions or adjustments to utility rates. He estimates that tight monetary policy and fiscal consolidation have contributed to the decline in headline inflation to 11.5% in August 2025.
