Governor of the Bank of Ghana, Dr. Johnson Asiama, has disclosed that Ghana recorded a trade surplus of $6.2 billion, driven largely by robust gold exports and stronger cocoa receipts.
The announcement was made during the opening of the 126th Monetary Policy Committee (MPC) meeting on Monday, September 15, 2025.
“For the first eight months of the year, Ghana recorded a trade surplus of US$6.2 billion, underpinned by robust gold exports and higher cocoa receipts.”
Dr. Johnson Asiama, Governor of the Bank of Ghana
According to the central bank chief, the surplus reflects the country’s improved external position at a time of global economic uncertainty.
Despite seasonal pressures on the Ghana cedi and moderation in remittance inflows in recent weeks, Dr. Asiama reported, “Even with seasonal factors at play, our reserves remain solid at $10.7 billion as of August, giving us sufficient cover and resilience.”
This, he said, provides cover for approximately four and a half months of imports a level that reassures investors of Ghana’s external strength.
Banking Sector Outlook
Turning to the banking sector, Dr. Asiama assured that the industry remains stable and continues to improve.
He revealed that the capital adequacy ratio (excluding reliefs) had risen to 19.5 percent in July 2025, demonstrating the sector’s ability to absorb risks.
While non-performing loans (NPLs) remain elevated at 21.7 percent, he noted that the figure drops significantly to 8.4 percent when fully provisioned losses are excluded.
“This underscores ongoing resilience in the banking sector, supported by recapitalisation and stricter underwriting standards.”
Dr. Johnson Asiama, Governor of the Bank of Ghana
On fiscal performance, the central bank chief indicated that Ghana’s budget execution in the first half of the year had signaled a strong commitment to consolidation. The deficit on a commitment basis was contained at 0.7 percent of GDP, below the government’s target.
Dr. Asiama explained, “Together with the strength of the cedi and external debt restructuring, this has contributed to a decline in the public debt ratio by mid-year,” noting that fiscal discipline is helping to restore macroeconomic stability.
Inflation and Monetary Policy
Inflationary pressures have also eased considerably, thanks to the Bank’s tight monetary stance. Headline inflation fell further to 11.5 percent in August 2025, compared to the higher rates recorded earlier in the year.
“The committee remains ready to adjust policy as the disinflation process evolves and as we assess risks such as global trade disruptions or prospective utility tariff adjustments.”
Dr. Johnson Asiama, Governor of the Bank of Ghana
Dr. Asiama reiterated the MPC’s commitment to maintaining stability while supporting growth.
While risks remain particularly from global oil price volatility and domestic tariff adjustments, the downward trend in inflation reflects effective policy coordination between the central bank and fiscal authorities.
With a stronger cedi, improved trade balance, and healthier fiscal outlook, the Governor expressed optimism about the country’s economic trajectory.
However, he stressed the need for continued vigilance, prudent management, and strong investor confidence to consolidate the gains.
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