• Data courtesy of the Bank of Ghana

• Provisional GDP Growth Rate for 2024: 5.7% (2023: 3.1%).
• Annual Growth of the Composite Index of Economic Activity (CIEA): 13.9% in March 2025 (11.9% in March 2024).

Inflation

• Consumer Price Index (CPI): 258.6 in April 2025, with year-on-year (YoY) inflation at 21.2% (25% in April 2024).
• Food Prices: 290.2 in April 2025, YoY inflation at 25% (26.8% in April 2024).
• Non-Food Prices: 234.3 in April 2025, YoY inflation at 17.9% (23.5% in April 2024).

Interest Rates

• Monetary Policy Rate: 28.00% as at May 22  (increased from 27% in March 2025).
• Interbank Weighted Average: 26.92% in April 2025 (28.68% in April 2024)
• Ghana Reference Rate: 23.99% in April 2025 (29.82% in April 2024)
• Average Lending Rate: 27.40% in April 2025 (31.25% in April 2024)
• Post-DDEP Bonds:
  • 4-Year Bond: 21.21% in April 2025 (20.44% in April 2024).
  • 15-Year Bond: 23.61% in April 2025 (21.11% in April 2024).

Foreign Exchange Rates

• USD/GHS: 11.8500 in May 2025 (24.1% appreciation year-to-date).
• GBP/GHS: 15.8405 in May 2025 (16.2% appreciation year-to-date).
• EUR/GHS: 13.3372 in May 2025 (14.1% appreciation year-to-date).
• Real Effective Exchange Rate (REER) Index: 136.4 in April 2025 (134 in April 2024).

External Sector Developments

• Total Exports: US$9.3 billion as at April 2025. (US$5.8 billion as at April 2024)
  • Gold Exports: US$5.24 billion (56% of total exports) – US$2.97 billion, April 2024
  • Cocoa Exports: US$1.84 billion (19.7%) – US$579.6 million, April 2024
  • Oil Exports: US$972 million (10.4%) – US$1.28 billion, April 2024
• Total Imports: US$5.19 billion as at April 2025. (US$5.05 billion as at April 2024)
• Oil Imports: US$1.68 billion (18%) – US$1.58 billion, April 2024
• Trade Surplus: US$4.1 billion (4.7% of GDP) – US$759 million (0.9% of GDP) in April 2024
• Current Account Surplus: US$2.1 billion (2.4% of GDP) – US$66.1 million (0.1% of GDP) in March 2024

Fiscal and Debt

• Budget Deficit: 1% of GDP as at April 2025.
• Public Debt:
  • External Debt: US$28.5 billion – equivalent to GH¢442.5 billion – (35.4% of GDP) in March 2025.
  • Domestic Debt: GH¢326.9 billion (23.4% of GDP) in March 2025.
  • Total Public Debt: GH¢769.5 billion (55% of GDP) in March 2025.

Banking and Financial Sector

• Non-Performing Loans (NPL): 23.6% in April 2025 (25.7% in April 2024).
• Return on Assets (Before Tax): 5% in April 2025 (5.4% in April 2024).
• Active Mobile Money Accounts: 24.2 million in April 2025 (23.9 million in April 2024).

International Reserves

• Gross International Reserves: US$10.7 billion (4.7 months of import cover) in April 2025. $6.6 billion in April 2024.
• Net International Reserves: US$7.9 billion (April 2025). $4 billion in April 2024
• Petroleum Funds (Stabilisation & Heritage): US$1.4 billion in April 2025. $1.24 billion in April 2024
• Gold Holdings: US$2.6 billion in April 2025 (31.4 tonnes). $1.35 billion in April 2024 (21.4 tonnes)

Nominal GDP

• Nominal GDP: GH¢1,176.2 billion (2024 full-year estimate).

Confidence Surveys

• Consumer Confidence Index: 103.6 in April 2025 (87.7 in April 2024).
• Business Confidence Index: 102.2 in April 2025 (92.6 in April 2024).

Capital Market Performance

• GSE Composite Index: 6095.6 in April 2025 (24.7% year-to-date return).
• GSE Financial Index: 3112.2 in April 2025 (30.7% year-to-date return).

Author: Mohamed G.