Chairman of Parliament’s Economy and Development Committee, Dr Eric Afful, has commended the significant gains made by the Ghanaian economy in the past half-year of 2025 under President John Dramani Mahama.
He highlighted the optimistic assessment of the country’s economic trajectory, emphasising improvements in inflation, public debt, currency stability, and external reserves.
Dr Afful who is the Member of Parliament for Amenfi West gave the commendation in a statement on the floor of Parliament aimed at inspiring confidence in the country’s economic recovery and inform public discourse on household and national financial decisions.
According to him, recent data from the Monetary Policy Committee of the Bank of Ghana (BoG) and the Ghana Statistical Service signal a positive economic turnaround for the country.
“Inflation, which stood at 23.4% in January 2025, dropped to 18.3% by May 2025. This decline has already led to a reduction in the prices of goods and services nationwide,” he stated.
Dr. Afful noted further that Ghana’s Composite Index of Economic Activity (CIEA) showed a 2.3% year-on-year growth in March 2025, up from 1.0% in the same period last year.
Additionally, the Purchasing Managers’ Index (PMI) surpassed the 50-point benchmark, reflecting higher output and improved new orders across sectors.
On fiscal management, the primary fiscal balance improved significantly in the first quarter of 2025, whiles the country’s public debt, he disclosed, stood at GH₵769.4 billion by March 2025, representing 55% of GDP, an improvement from 61.8% in December 2024.
Ghana’s external sector has also seen marked progress. The current account surplus hit US$2.1 billion in the first quarter of 2025, driven by increased gold and cocoa exports and strong remittance inflows. This translated into a balance of payments surplus of US$1.1 billion, with gross international reserves reaching US$10.7 billion, equivalent to 4.7 months of import cover.
The lawmaker observed that, in perhaps one of the strongest signals of macroeconomic stability, the Ghana cedi appreciated significantly against major currencies.
“As of May 21, 2025, the cedi had appreciated by 24.1% against the US Dollar, 16.2% against the British Pound, and 14.1% against the Euro,” Dr. Afful reported.
The chairman of the Economy and Development committee attributed the performance to tight monetary policy, fiscal consolidation, foreign exchange enforcement, and rising market confidence.
He reported that, in recognition of Ghana’s improving economic fundamentals, Switzerland has awarded a $77 million grant to support the country’s efforts toward a resilient and future-oriented economy in sectors such as trade, governance, peace and security, climate change, and sustainable development.
Hon Eric Afful urged all stakeholders to support government efforts to meet targets outlined in the 2025 Budget and Economic Policy.
“Let us encourage ourselves as Ghanaians in our homes, businesses, and leadership to make informed decisions and help sustain this growth path,” he concluded.
By: Christian Kpesese
