GDP and Growth

• Quarterly GDP (real, YoY, incl. oil): 6.3% in Q2-2025 (Q2-2024 5.7%).
• Composite Index of Economic Activity (CIEA) – annual growth: 11.1% in Jul-2025 vs 13.2% in Jul-2024.

Inflation

• CPI index / YoY: 255.7; 11.5% in Aug-2025 vs 229.4; 20.4% in Aug-2024.
• Food CPI / YoY: 285.9; 14.8% in Aug-2025 vs 249.0; 19.1% in Aug-2024.
• Non-food CPI / YoY: 232.9; 8.7% in Aug-2025 vs 214.3; 21.5% in Aug-2024.

Interest Rates

• Monetary Policy Rate: 25.00% (Aug-2025) vs 29.00% (Aug-2024).
• Interbank weighted average: 23.28% (Aug-2025) vs 28.84% (Aug-2024).
• Ghana Reference Rate: 19.67% (Aug-2025) vs 29.31% (Aug-2024).
• Average lending rate: 24.15% (Aug-2025) vs 30.79% (Aug-2024).
• T-bill (secondary market, interest-equiv.): 91d 10.26% | 182d 12.31% | 364d 13.11% (Aug-2025) vs 24.82% | 26.74% | 27.84% (Aug-2024).
• Post-DDEP bond yields (secondary): 4-yr 15.10% (Aug-2025) vs 27.36% (Aug-2024); 15-yr 16.33% (Aug-2025) vs 26.53% (Aug-2024).

Foreign-Exchange Rates

• USD/GHS (end-period): 12.1500 in Sep-2025 vs 15.8000 in Sep-2024 (YTD apprec. 21.0%).
• GBP/GHS: 16.4542 in Sep-2025 vs 21.1823 in Sep-2024 (YTD apprec. 11.8%).
• EUR/GHS: 14.2300 in Sep-2025 vs 17.6108 in Sep-2024 (YTD apprec. 6.9%).
• REER index: 95.8 in Aug-2025 vs 148.6 in Aug-2024 (lower = stronger cedi in real terms).

External Sector Developments (cumulative)

• Total exports: US$ 17.99bn by Aug-2025 vs US$ 12.30bn by Aug-2024.
  • Gold: US$ 11.20bn (Aug-2025) vs US$ 6.65bn (Aug-2024).
  • Cocoa: US$ 2.47bn (Aug-2025) vs US$ 0.92bn (Aug-2024).
  • Oil: US$ 1.83bn (Aug-2025) vs US$ 2.77bn (Aug-2024).
• Total imports: US$ 11.80bn (Aug-2025) vs US$ 10.22bn (Aug-2024).
  • Oil imports: US$ 3.73bn (Aug-2025) vs US$ 3.13bn (Aug-2024).
• Trade surplus: US$ 6.19bn; 7.1% of GDP (Aug-2025) vs US$ 2.09bn; 2.5% (Aug-2024).
• Current account surplus: US$ 3.44bn; 3.9% of GDP (Jun-2025) vs US$ 0.28bn; 0.3% (Jun-2024)

Fiscal Position & Debt (cumulative)

• Overall budget balance (cash): −1.4% of GDP (Jul-2025) vs −4.0% (Jul-2024).
• Primary balance (cash): +0.7% of GDP (Jul-2025) vs −2.2% (Jul-2024).
• External debt: GH¢ 305.0bn; 21.8% of GDP (Jul-2025) vs GH¢ 472.9bn; 40.2% (Jul-2024).
• Domestic debt: GH¢ 323.7bn; 23.1% (Jul-2025) vs GH¢ 290.9bn; 24.7% (Jul-2024).
• Total public debt: GH¢ 628.8bn; 44.9% (Jul-2025) vs GH¢ 763.8bn; 64.9% (Jul-2024).

Banking & Financial Sector

• NPL ratio: 20.8% (Aug-2025) vs 24.3% (Aug-2024).
• Return on assets (before tax): 5.6% (Aug-2025) vs 4.9% (Aug-2024).
• Active mobile-money accounts: 25.1 m (Aug-2025) vs 22.8 m (Aug-2024).

International Reserves (cumulative)

• GIR: US$ 10.73bn; 4.5 months’ cover (Aug-2025) vs US$ 7.50bn; 3.4 months (Aug-2024).
• NIR: US$ 8.38bn (Aug-2025) vs US$ 4.92bn (Aug-2024).
• Petroleum & Heritage Funds: US$ 1.50bn (Aug-2025) vs US$ 1.33bn (Aug-2024).
• Gold holdings: US$ 3.17bn / 36.0 t (Aug-2025) vs US$ 1.69bn / 26.0 t (Aug-2024).

Nominal GDP

• Full-year estimate: GH¢ 1.400 trn for 2025 vs GH¢ 1.176 trn for 2024.

Confidence Surveys

• Consumer Confidence Index: 116.9 (Aug-2025) vs 87.6 (Aug-2024).
• Business Confidence Index: 107.5 (Aug-2025) vs 91.1 (Aug-2024).

Capital-Market Performance

• GSE Composite Index: 7,330.4 (Aug-2025); YTD +50.0% vs 4,359.9 (Aug-2024); YTD +39.3%.
• GSE Financial Stock Index: 3,412.0 (Aug-2025); YTD +43.3% vs 2,118.1 (Aug-2024); YTD +11.4%.