From crisis to confidence: Ghana’s remarkable economic turnaround
Ghana's economy has made a remarkable turnaround, with the cedi becoming the best-performing currency in the world and inflation dropping from 24% to single digits. The Bank of Ghana implemented a coordinated response, including tight monetary policy and building up external reserves through gold purchases.
Ghana's economy was in crisis, with the cedi losing value weekly and inflation at 23.8% in 2024. The Bank of Ghana responded with a four-pillar strategy: tight monetary policy, liquidity management, building external reserves through gold, and strengthening the banking sector. The policy rate was held high to control inflation, and open market operations were intensified. The Domestic Gold Purchase Programme was scaled up to build foreign exchange reserves. The banking sector was strengthened through improved supervision, capital adequacy, and governance standards. By end-2025, inflation had dropped to single digits, and reserves were at a record high.
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