The National Democratic Congress (NDC) Majority Caucus has described Ghana’s sharp fall in inflation from 23.8 per cent in 2024 to 3.2 per cent in March 2026 as a major indicator of improving economic stability and rising household purchasing power.
Addressing the Parliamentary Press Corps in Accra on Thursday, Member of Parliament for Sagnarigu, Atta Issah, attributed the development to what he called prudent macroeconomic management under the Mahama-led administration.
The remarks followed the release of the Bank of Ghana’s 2025 financial report, which outlined a sustained decline in inflation over 15 consecutive months—from 5.4 per cent in December 2025 to 3.2 per cent in March 2026.
The report also showed a broader easing of economic pressures, with lending rates falling from over 30 per cent to 17.7 per cent and the policy rate reduced to 14 per cent. Public debt was reported to have declined from 62 per cent of GDP to 45 per cent, while economic growth reached 6 per cent.
Despite reporting a net loss of GHC15.6 billion in 2025, up from GHC9.4 billion in 2024, the MP explained that the figures should be viewed as the cost of stabilising the economy rather than operational losses.
According to the Bank of Ghana, its core mandate is not profit generation but maintaining price stability, safeguarding the financial system, and ensuring overall macroeconomic resilience.
“The right test of a central bank’s annual performance is whether it has delivered on its statutory mandate. By that test, 2025 was a year of significant achievement,” the Bank stated in its report.
Key macroeconomic indicators also showed improvements, with the cedi appreciating by 41 per cent in 2025 after a 19 per cent depreciation in 2024, making it one of the strongest-performing currencies among emerging markets.
International reserves rose to US$13.8 billion by the end of 2025 and further increased to US$14.5 billion by February 2026, marking the highest level in the country’s history.
The Bank explained that GHC16.7 billion was spent to mop up excess liquidity in the financial system, a measure it said was necessary to curb inflation and restore investor and consumer confidence.
Parliament also supported the stabilisation programme through the passage of the Bank of Ghana (Amendment) Act, 2025, and the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) in February 2026, which formalised the reserve-building strategy.
The central bank maintained that Ghana’s economic outlook remains positive, citing continued disinflation, stronger reserves, and improving confidence levels among businesses and households.
