Economic Stabilization & Reform: A Review of Ghana's 2025 Statistical Report

Economic Stabilization & Reform: A Review of Ghana's 2025 Statistical Report

In the post-pandemic period (2022–2023), Ghana faced a severe economic crisis that led to its default on most of its external debt, including its Eurobond obligations (≈$13 billion). Macroeconomic conditions deteriorated sharply during this period: inflation surged to a 22-year high of 54.1% in December 2022, while the Ghanaian cedi weakened dramatically from about GH¢6.00/US$ in 2021 to over GH¢10.00/US$ in 2022.

By the end of 2025, however, the latest Statistical Bulletin from the Bank of Ghana indicates an improvement in macroeconomic stability.

In this week's Treasury Digest, we examine the key drivers behind Ghana's recovery from the crisis. We also highlight major developments in money market activity and foreign exchange movements across Nigeria, Kenya, and Ghana.