Ghana’s economic landscape in 2025 has been marked by significant shifts, from key appointments in the Bank of Ghana and Finance Ministry to a sustained decline in inflation. These developments and more will be the focus of the Joy Business Review tomorrow, December 18, 2025, starting at 9 am.

The review will be broadcast live on Joy News channel, Joy FM, and all social media platforms. A distinguished panel will dissect the year’s major economic events, including CEO of Dalex Finance, Joe Jackson; Senior Partner at AB and David Africa, David Ofosu-Dorte; and Director of Legon Centre for International Affairs and Diplomacy, Professor Peter Quartey. The programme will be hosted by Winston Amoah, Head of Joy Business.

One of the central discussions will be the appointment of Dr. Johnson Asiama as Governor of the Bank of Ghana in January 2025. His confirmation by Parliament and subsequent swearing-in by President Mahama, alongside the appointments of Dr. Mumuni Zakari and Matilda Asante Asiedu as First and Second Deputy Governors respectively, signaled a new era for the central bank.

Also under scrutiny will be the stewardship of Finance Minister, Dr. Cassiel Ato Forson, who was appointed in January. Dr. Forson presented both the government’s initial budget and the 2026 Budget to Parliament in November, notable for the removal of the Electronic (E) Levy, reforms to the VAT system, and the introduction of the 24-Hour Economy policy and the Big Push Project.

In February, President Mahama’s first State of the Nation Address in his second term revealed significant financial challenges faced by state institutions. He highlighted COCOBOD’s substantial debt, which stood at GHS 32.5 billion, with GHS 9.7 billion due by the end of September 2025.

The Bank of Ghana surprised markets in March with a 100 basis point increase in the policy rate to 28%, Dr. Asiama’s first move as Governor. However, the committee subsequently reversed course, cutting the rate to 18 percent by year-end, coinciding with a dramatic fall in inflation to 6.3 percent.

Dr. Forson also led Ghana’s delegation to the 2025 IMF and World Bank Spring Meetings in April, marking the first participation under the new NDC administration. This followed a staff-level agreement with the IMF on the fourth review of Ghana’s ongoing programme.

February saw Ghana’s Gross International Reserves estimated at US$9.4 billion, meeting IMF targets and providing cover for 4.2 months of imports, according to the Bank of Ghana.

Further bolstering confidence, the World Bank approved a $360 million financing package in June to support Ghana’s economic recovery, reinforcing structural reforms and investor confidence.

On July 24th, Dr. Ato Forson presented the 2025 Mid-Year Budget Review in Parliament, themed “Resetting the Economy for the Ghana We Want,” outlining the administration’s progress and future plans.

COCOBOD anticipated over GHS 4 billion in inflows by the end of the year, as revealed by Dr. Asiama in August, stemming from a new financing arrangement to support cocoa purchases.

By September, Ghana experienced a welcome decline in inflation, dropping to 11.5%, the lowest in four years and below the government’s 11.9% year-end target. The Ghana Statistical Service attributed this to falling prices of foodstuffs and other essential items.

The mining sector continued to be a significant contributor, generating over US$40 billion in mineral revenue between 2014 and 2023, as reported by the Ghana Chamber of Mines in October.

In November, Finance Minister Dr. Cassiel Ato Forson presented the 2026 Budget, emphasizing fiscal discipline and continued social spending, acknowledging the resilience of Ghanaians in navigating recent economic challenges. He also announced plans to generate up to 800,000 new jobs across various sectors.

The positive trend continued into December, with inflation falling for the eleventh consecutive month to 6.3% in November, driven by reductions in both food and non-food inflation, according to the latest data from the Ghana Statistical Service. Government Statistician, Dr. Alhassan Iddrisu, noted an overall price increase of 0.9% between October and November, with food inflation decreasing sharply to 6.6% from 9.5% in October.

Image Source: MYJOYONLINE