PricewaterhouseCoopers (PwC) has acknowledged Ghana’s notable economic progress in the first half of 2025 saying, it shows resilience of the country’s economy despite ongoing global trade tensions and geopolitical instability.
This follows the presentation of the government’s Mid-Year Budget Review and delivered by Finance Minister Dr. Cassiel Ato Baah Forson.
PWC in its 2025 mid-year budget digest observed that current economic data reflects a credible recovery, with tangible impact of the macroeconomic recovery beginning to reach businesses and households.
“Our overall view is so far, so good. Sustained improvement, however, depends on discipline, vision and a true commitment to principles of public accountability. We concur with the Minister that the data reveals a significant short-term recovery.”
“The fiscal and monetary discipline exhibited in the first six months of 2025 particularly the primary surplus achievement, debt reduction and currency stabilisation is commendable. There is a general view that businesses and households are already feeling relief from lower inflation. Indeed, some retail stores announced price reductions in the wake of lower inflation, but many traders in the informal markets remain adamant about dropping prices”, the PWC report added.
PwC noted that these gains were achieved in the face of significant external pressures, including retaliatory global trade policies linked to shifts in U.S. foreign relations and continued geopolitical risks in the Middle East.
The assessment reinforces market optimism that Ghana is gradually turning the corner, though analysts caution that sustaining the gains will require continued structural reforms, prudent fiscal management and resilience planning against external shocks.
Mid-year budget highlight
Per the mid-year budget review, Ghana’s economy expanded by 5.3% in the first quarter, with non-oil GDP growth reaching 6.8%.
The agricultural sector grew by 6.6% year-on-year, reflecting sustained productivity gains and improved food supply chains. Inflation fell significantly from 23.8% in December 2024 to 13.7% by mid-2025 marking one of the steepest declines in recent years.
Interest rates on Treasury bills dropped by 13 to 14 percentage points, while average commercial lending rates eased to 27%, reducing credit conditions.
The Ghana cedi also appreciated against major foreign currencies, buoyed by stronger external sector performance and improving investor confidence.
Government data show that savings of GH¢4.9 billion were made on domestic debt interest payments, attributed to enhanced debt management strategies.
Gross international reserves climbed to US$11.12 billion, providing 4.8 months of import cover up from 3.2 months a year earlier.
Finance Minister, Ato Forson attributed the positive performance to a combination of fiscal consolidation, tight monetary policy, a stable exchange rate environment, and reforms under the IMF-supported programme.
The government expects macroeconomic stability to hold through the second half of the year, projecting improved revenue performance and continued disinflation.