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BANK OF GHANA
MONETARY POLICY REPORT


May 2025
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The Monetary Policy Report highlights the economic and financial sector assessments that the Monetary Policy
Committee (MPC) considered prior to the policy decision during the 124th meeting held in May 2025.
Monetary Policy Objective in Ghana
The primary objective of the Bank of Ghana is to ensure stability in the general level of prices which has been
defined as maintaining inflation over the medium term, within a band of 8± 2 percent. Without limiting the
primary objective, the Bank is also expected to support the general economic policy of the government, promote
economic growth and development, foster the effective and efficient operation of the banking and credit system;
and contribute to the promotion and maintenance of financial stability.

Monetary Policy Strategy
To achieve the objective of price stability, Bank of Ghana was granted operational independence to use whichever
policy tools it sees appropriate to stabilise inflation around the target band. The Bank of Ghana’s framework for
conducting monetary policy is Inflation Targeting (IT), in which the central bank uses the Monetary Policy Rate
(MPR) as the primary policy tool to set the monetary policy stance and anchor inflation expectations in the
economy.

The MPC Process
The MPC is a statutorily constituted body established by the Bank of Ghana (Amendment) Act, Act 2016 (Act 918)
to formulate monetary policy. The MPC consists of seven members – five from the Bank of Ghana (including the
Governor who is the Chairman) and two external members appointed by the Board of the Bank. The MPC meeting
dates are determined at the beginning of each year. The MPC meets bi-monthly to assess economic conditions
and risks to the inflation outlook, after which a policy decision is made on positioning the MPR. Each decision
signals a monetary policy stance of tightening (increase), easing (decrease) or no change (stay put). The policy
decision is arrived at by consensus with each member stating reasons underlying a preferred MPR decision.
Subsequently, the decision is announced at a press conference held after each MPC meeting and a press release
issued to financial markets and the public.

©Research Department, Bank of Ghana MPC Report – May 2025
www.bog.gov.gh

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Table of Contents


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Overview
Global economic developments in the first four months of the year were characterised by low
growth prospects, unsynchronised disinflation outcomes, and restrictive global financial
conditions, driven largely by significant headwinds associated with the trade policy shifts in the United
States. The potential spillover effects of the imposition of the trade tariffs by the United States and
counter-tariff measures have heightened policy uncertainty, weakened investor sentiments, and lowered
global growth prospects. In the event, monetary policy decisions by central banks have been mixed,
reflecting divergence in inflation outcomes. While some countries have adopted a tighter-for-longer
stance, others have cut policy rates, citing gradual ease in inflation towards central bank targets

On the domestic front, the Bank’s high frequency real sector indicators point to a sustained
pickup in economic activity. The updated Composite Index of Economic Activity increased by 2.3
percent, year-on-year, in March 2025, compared with 1.0 percent over the same period last year, mainly
driven by exports, credit to the private sector, and construction activities. In addition, the Ghana
Purchasing Managers’ Index rose above the 50 point-benchmark as output and new orders increased,
signalling improved growth prospects.

Headline inflation has declined consecutively in the first four months of the year by 2.6 percentage
points to 21.2 percent in April 2025, driven by both food and non-food inflation. A confluence of
factors, including the tight monetary policy stance, stepped-up liquidity sterilization efforts, downward
revisions in ex-pump petroleum prices, and exchange rate stability have supported the gradual decline
in inflation.

The external sector has continued to improve, with a record provisional current account surplus
of US$2.1 billion in the first quarter of 2025, driven mainly by higher prices and increased
production volumes of gold and cocoa, and strong remittance inflows. The current account surplus,
together with net outflows in the capital and financial account, resulted in an overall Balance of
Payments surplus of US$1.1 billion. The strong external performance resulted in significant reserve
accumulation.

The cedi has rebounded strongly against the major trading currencies, driven by a combination of
factors, including the tight monetary policy stance, ongoing fiscal consolidation, record reserve
accumulation, strict enforcement of foreign exchange market rules, and improved market sentiment.

The banking sector performance remained stable in April 2025. The sector continued to record
strong growth in assets, driven by increases in domestic deposits and other funding sources. Although
growth moderated, profit picked up in the first four months of the year relative to the same period last
year. The Financial Soundness Indicators generally recorded improvements in April 2025 relative to
April 2024. There was a significant improvement in solvency and liquidity measures although
profitability indicators moderated. Non-performing loans ratio also improved on account of higher
credit growth.

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1. Global Economic Developments

1.0 Highlights
Recent U.S. policy shifts have given rise to increased trade and economic policy uncertainty and
dimmed global growth prospects. The global disinflation process has mostly stalled, and headline
inflation has been revised slightly upwards in some countries. Financial conditions remain restrictive,
reflecting still high policy rates and long-term bond yields. In the local forex market, the Ghana cedi
made significant gains in recent months, supported by both domestic and external factors.

1.1 Global Growth Developments
Global economic developments in the first four months of the year were characterised by low growth
prospects, unsynchronised disinflation outcomes, and restrictive global financial conditions, driven
largely by significant headwinds associated with the trade policy shifts in the United States. The
potential spillover effects of the imposition of the trade tariffs by the United States and counter-tariff
measures have heightened policy uncertainty, weakened investor sentiments, and lowered global
growth prospects. In the event, monetary policy decisions by central banks have been mixed, reflecting
divergence in inflation outcomes. While some countries have adopted a tighter-for-longer stance, others
have cut policy rates, citing gradual ease in inflation towards central bank targets. Against this backdrop,
the IMF projects that global growth will decline from 3.3 percent in 2024 to 2.8 percent in 2025, before
picking up to 3.0 percent in 2026. The growth downgrades are broad-based across advanced and
emerging market economies.

Table 1.1: Global Growth Projections (%)
Source: IMF, WEO April 2025, Update

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1.2 Global Price Developments
The global disinflation process has mostly stalled, and headline inflation has been revised slightly
upwards in some countries. A renewed uptick in food prices, persistence in services inflation, and a
resurgence in core goods inflation continue to exert upward pressures on global headline inflation. The
FAO food price index increased in April 2025 due to supply constraints and stronger import demand.
In particular, services inflation remained persistent, largely on account of relatively higher wages.
However, oil prices fell owing to OPEC+ countries’ decision to unwind production cuts slightly from
April 2025. In the outlook, inflation is expected to decline amid lower oil prices and a broad-based
downgrade of global growth.

Figure 1.1: Headline Inflation Rates (%)


Source: Bank of Gana, /Trading Economics

1.3 Global Financial Markets Developments
Global financial conditions remain restrictive, reflecting still high policy rates and long-term bond
yields. Major central banks such as the Federal Reserve and the Bank of Japan held policy rates steady
amid trade tensions and high uncertainty. However, the European Central Bank and the Bank of England
lowered their policy rates due to growing confidence that inflation was on track and returning to the
target. Moreover, policy rate decisions remained diverse across Emerging Market and Developing
Economies (EMDEs). Higher term premiums have kept long-term yields higher, while equity markets
have been volatile amid rising uncertainty. In the outlook, financial conditions will remain tight in the
near-term. Higher policy rates and long-term bond yields could continue to keep financing conditions
tight. The uncertainty about how central banks will navigate the difficult trade-offs they face amid tariffs
could trigger a disruptive repricing of risky assets, sharp tightening of financial conditions, and an
appreciation of the US dollar.

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Table 1.2: Monetary Policy Stance of Selected Central Banks

Source: Growth Rate (World Bank); Debt/GDP (IMF) Policy Rates (Trading Economics)

1.4 Currency Markets
The cedi has rebounded strongly against the major trading currencies driven by a combination of factors.
Strong reserve build-up, tight monetary policy stance, ongoing fiscal consolidation, strict enforcement
of foreign exchange market rules, and improved market sentiment supported the cedi recovery. On the
external front, the weakness of the dollar due to weak growth in the U.S., trade policy uncertainty,
adjustment in demand for dollar assets, and recovery in the Euro Area also helped improved the cedi’s
performance. In the interbank market, the cedi appreciated by 3.9 percent against the dollar, and
depreciated by 2.5 percent and 5.3 percent against the pound sterling, and the euro, respectively, on a
year-to-date basis. This is against a depreciation of 10.5 percent, 9.0 percent, and 7.5 percent against
the dollar, the pound sterling, and the euro, respectively, during the same period in 2024. The cedi was
relatively more volatile during the first 95 transaction days in 2025 compared to other years.

Table 1.3: Interbank Exchange Rates

Source: Bank of Ghana Staff Calculations

Country
Policy rate -
Previous (%)
Policy Rate
Current (%)
Forecast
Inflation
March,

Inflation April,

Real rate
Infl Target
Overall
Fiscal
Deficit
(2024,
% of
GDP)
GDP Growth
(Dec.2024)
Gross
Debt/GDP
(2024,%)
YTD
Depr/16th
May 2025
U.S

Euro Area

< 2%

UK
4.5
4.25


Japan

Russia


India
6.25

3.34
3.16
3.09
4±2%

Brazil

4.5±1.5%

Turkey
42.5


5±2%
-5.2
3.2

-8.99
Malaysia


Indonesia

3.5% ± 1%
-2.3

40.2
Chile

4.9
4.5
0.5
3±1%
-2.7
2.6
42.0
Ghana

22.4
21.2
6.8
8±2%

South Africa

Nigeria

Kenya
10.75


Zambia


114.9
3.76
Morocco


Angola

Egypt

7± 2%

US$/GHC*
Monthly
depreciation/a
ppreciation
Year-to-Date
depreciation/
appreciation
GBP/GHC*
Monthly
depreciation/a
ppreciation
Year-to-Date
depreciation/
appreciation
Euro/GHC*
Monthly
depreciation/
appreciation
Year-to-Date
depreciation/a
ppreciation

Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr


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Considering the currency movements of major trading partners, the cedi appreciated by 5.3 percent and
8.5 percent in nominal trade weighted terms, and forex transaction weighted terms, respectively, in the
month of April 2025. This is against a depreciation of 2.1 percent, and 3.0 percent, in nominal trade
weighted terms and nominal foreign exchange transaction weighted terms, respectively, over the same
period in 2024.

Table 1.4: Nominal Effective Exchange Rate

Source: Bank of Ghana Staff Calculations

In real bilateral terms, the cedi appreciated by 9.3 percent, 6.3 percent and 4.8 percent against the dollar,
the pound sterling, and the euro, respectively, in April 2025. Comparatively, for the corresponding
period in 2024, the cedi’s real exchange rate depreciated by 1.7 percent, 0.6 percent, and 0.7 percent,
against the dollar, the pound sterling, and the euro, respectively over the same period 2024.

Table 1.5: Real Bilateral Exchange Rate

Source: Bank of Ghana Staff Calculations

Month
2021=100
Monthly (%)
Year-to-Date (%)
FXTWI
TWI
FXTWI
TWI FXTWI
TWI
Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

RER Index (Jan.2021=100)
MONTHLY CHANGE (Index)
Year-to-Date (%)
Month
EUR
GBP
USD
EUR
GBP
USD
EUR
GBP
USD
Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25


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The cedi appreciated by 5.6 percent and 8.9 percent in real trade weighted terms and real forex
transaction weighted terms, respectively in April 2025. These compared with depreciation of
0.83 percent and 1.56 percent, respectively, in real trade weighted terms and forex transaction
weighted terms for the same period in 2024.


Table 1.6: Real Effective Exchange Rate for Major Trade Partners

Source: Bank of Ghana Staff Calculations


RTWI and FXRTWI
Month
INDEX (2021=100)
MONTHLY CHG
Year-to-Date (%)
RFXTWI
RTWI RFXTWI
RTWI
RFXTWI
RTWI
Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25


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2. External Sector Developments

2.0 Highlights
Ghana’s external sector remained strong in the first quarter of 2025 with improved reserve
accumulation. The strong performance was on the back of a robust current account surplus, driven
mainly by higher commodity prices and increased production volumes of key export commodities,
especially gold and cocoa.

2.1 Commodity Price Trends
On the international commodities market, prices of Ghana’s major export commodities continued to
rally with the exception of crude oil, which saw some marginal decline in prices. Cocoa futures averaged
US$8,533.86 per tonne in April 2025, recording a 5.8 percent increase compared to the previous month.
On a year-on-year basis, cocoa prices dropped by 15.7 percent, mainly due to improved production.

In contrast, crude oil prices declined by 7.2 percent to close at an average of US$66.30 per barrel in
April 2025, driven by slower demand, particularly in China. Compared to a year earlier, crude oil prices
declined by 25.5 percent, due to low demand and the decision by OPEC for a bigger than expected
output hike in May 2025.

Gold continued to soar, reaching a record average price of US$3,218.2 per fine ounce in April 2025.
This represented an increase of 7.8 percent over the previous month. The surge in gold prices was
largely driven by concerns over the economic impact of the newly announced tariffs by the U.S.
government. Relative to the same period last year, gold prices increased by 37.9 percent in April 2025,
from US$2,334.16 in April 2024.

2.1.1 Commodity Price Index
The weighted average price of the three major export commodities by Ghana (cocoa, gold, and crude
oil) rose in April 2025 to 224.2 from 212.7 in the previous month, representing an uptick of 5.4 percent.
The increase was driven by the gold and cocoa sub-indices, which went up by 7.8 percent, and 5.8
percent, respectively, while the crude oil sub-index dropped by 7.2 percent. On a year-on-year basis,
the composite commodity price index increased by 8.0 percent from 207.7 in April 2024, stemming
from a 37.9 percent increase in the gold sub-index, while the cocoa and crude oil sub-indices recorded
declines of 15.7 percent and 25.5 percent, respectively.

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2.2 Trade Balance
The trade balance for the first four months of the year showed a surplus of US$4.14 billion, significantly
higher than US$759.3 million recorded in the comparative period in 2024. The value of exports surged
to US$9.3 billion in April 2025 from US$5.8 billion in the same period in 2024 (60.5% year-on-year
growth), driven primarily by cocoa and gold exports. Cocoa exports, both beans and products increased
significantly to US$1.8 billion from US$579.7 million in the same period in 2024, driven by higher
volumes and prices.

The value of gold exports shot up by 76.4 percent to US$5.24 billion. The volume of gold exports
increased by 24.4 percent to 1.84 million fine ounces, largely on the back of increased output from
regulated small-scale gold mines. The average realized price also increased by 41.8 percent to
US$2,855.0 per fine ounce in April 2025 compared to US$2,014.0 in April 2024.

Crude oil exports, however, dropped by 23.8 percent to US$972.0 million in the first quarter of 2025,
due to both lower volumes and prices. The volume fell by 36.8 percent to 13.24 billion barrels in April
2025 from 15.26 billion barrels during the same period last year. The average price of crude oil for the
period recorded a decline of 12.1 percent to US$73.4 per barrel from US$83.6 per barrel in April 2024.
Other exports, including non-traditional exports, increased by 29.1 percent to US$1.27 billion from
US$985.8 million during the same review period.

Figure 2.1: International Cocoa Prices (US$/metric tonnes)

Source: Reuters

Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
Figure 2.2: International Brent Crude Oil Prices (US$ per
barrel)

Source: Reuters

Feb-18
Apr-18
Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
Apr-19
Jun-19
Aug-19
Oct-19
Dec-19
Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Figure 2.3: International Gold Prices (US$ per ounce)

Source: Reuters

Feb-18
Apr-18
Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
Apr-19
Jun-19
Aug-19
Oct-19
Dec-19
Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Figure 2.4: Commodity Price Index

Source: BOG Staff Computations

Aug-19
Oct-19
Dec-19
Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25

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Total imports, on the other hand, recorded a marginal increase of 2.7 percent to US$5.2 billion during
the first four months of 2025 from US$5.1 billion in the corresponding period of 2024 due to a pick-up
in oil imports, while non-oil imports remained virtually flat. Oil imports increased by 6.9 percent to
US$1.7 billion, whereas non-oil imports remained broadly unchanged at US$3.5 billion in April 2025.

2.3 Current Account
The current account recorded a surplus of US$2.1 billion in the first quarter of 2025, compared to a
surplus of US$66.1 million recorded during the same period in 2024. The higher current account surplus
was driven mainly by higher cocoa and gold exports. Payments for services, however, increased by 66.2
percent to US$1.2 billion, driven largely by freight and insurance, trade related services, financial
services, and travel. Income payments to non-residents amounted to US$1.2 billion on net basis driven
primarily by interest payments on government external debt. Private remittance flows remained
virtually unchanged at around US$1.4 billion.

2.4 Capital and Financial Accounts
The capital account recorded net transfers of US$31.1 million in the first quarter of 2025. The sum of
the surpluses in the current and capital account amounted to US$ 2.2 billion, putting the country in a
net lending position with the rest of the world. Consequently, there was net acquisition of financial
assets in the financial account amounting to US$2.1 billion in the first quarter of 2025, significantly
higher than the US$357.7 million recorded during the same period in 2024. Other investment was
US$1.4 billion, driven largely by increased currency and deposits in the nostro accounts of the
commercial banks. Reserve assets of the Bank of Ghana improved significantly from US391.1 million
to US$1.1 billion largely due to the Bank of Ghana’s gold purchase program. There were, however, net
FDI inflows and net portfolio inflows of US$389.2 million, and US$136.5 million, respectively.

2.5 International Reserves
At the end of April 2025, the stock of Gross International Reserves (GIR) stood at US$10.7 billion,
enough to provide cover for 4.7 months of import of goods and services. This compares with the endDecember 2024 position of US$9.0 billion (equivalent to 4 months of imports cover). The programme
Net International Reserves (NIR) recorded a build-up of US$1.5 billion to US$3.4 billion in April 2025,
already surpassing the end-June 2025 target build-up of US$493 million.

2.6 External Sector Outlook
The outlook for the external sector is positive despite the resumption of external debt service following
the restructuring of Ghana’s external debt. Increased production volumes of Ghana’s key export
commodities, high commodities prices, and improved remittances flows will drive the strong external
sector performance. Commitment to the implementation of policies and reforms under the IMF
programme will restore investor confidence and attract more capital inflows. In addition, the
operationalization of the GoldBod will further enhance the Gold for Reserves programme of the Bank
of Ghana.

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Table 2.1: Trade Balance (US$ million)

Source: Bank of Ghana

Table 1

Abs Y/Y
Rel Y/Y
Jan - Apr
Jan - Apr
Jan - Apr
Chg
Chg
Trade Balance

Trade Bal (% GDP)
1.7
0.9
4.7
Total Exports

Gold ( $'M)

Volume (fine ounces)

Unit Price ($/fine ounce)

Cocoa Beans ( $'M)

Volume (tonnes)

Unit Price ($/tonne)

Cocoa Products ( $'M)

Volume (tonnes)

Unit Price ($/tonne)

Crude Oil ( $'M)

Volume (barrels)

Unit Price ($/bbl)

Other Exports

o/w: Non-Tradional Exports

Total Import

Non-Oil

Oil and Gas

of which: Products

Gas

Crude Oil


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3. Real Sector Developments

3.0 Highlights
The Bank’s high frequency real sector indicators pointed to a sustained pickup in economic activity in
March 2025 compared to the same period a year ago. Port activity, credit to the private sector by banks,
exports, and cement sales, contributed to the improvement in economic activity during the period.
Consumer and business confidence also continued to increase in line with improving macroeconomic
conditions.

3.1 Trends in Real Sector Indicators

Consumer Spending
Consumer spending, proxied by domestic Value Added Tax (VAT) collections and retail sales, posted
a positive performance in March 2025. Domestic VAT collections improved by 32.5 percent on a yearon-year basis to GH¢1.52 billion from GH¢1.15 billion. Cumulatively for the first quarter of 2025,
domestic VAT went up by 33.2 percent to GH¢4.82 billion compared with GH¢3.62 billion for the
corresponding period of last year.

Retail sales increased by 34.1 percent (year-on-year) to GH¢268.00 million in March 2025, up from the
GH¢199.80 million recorded in the same period of 2024. On a month-on-month basis, it increased by
16.5 percent in March 2025 from GH¢230.07 million in the preceding month. In cumulative terms,
sales for the first quarter of 2025 went up by 33.0 percent.

Manufacturing Activities
Activities in the manufacturing sub-sector, gauged by trends in the collection of direct taxes and private
sector workers’ contributions to the Social Security and National Insurance Trust (SSNIT) Pension
Scheme (Tier-1), posted a positive outturn in March 2025. Direct tax collections increased by 42.5
percent (year-on-year) to GH¢8.72 billion in March 2025, relative to GH¢6.12 billion recorded in the
same period of 2024. Cumulatively, total direct taxes collected for the first quarter of 2025 went up by
49.4 percent to GH¢18.96 billion, from GH¢12.69 billion for the same period in 2024. In terms of
contributions of the various sub-tax categories, Corporate tax accounted for 58.9 percent, Income tax
(PAYE and self-employed) accounted for 24.7 percent, while “Other Tax Sources” contributed 16.4
percent.

Total private sector workers’ contribution to the SSNIT Pension Scheme (Tier-1) increased by 23.2
percent on year-on-year basis to GH¢487.16 million in March 2025, from GH¢395.34 million collected
during the corresponding period in 2024. Cumulatively, for the first quarter of 2025, the contribution
grew by 28.0 percent to GH¢1.43 billion, relative to GH¢1.12 billion recorded in the same period of
2024.

Construction Sector Activities
Activity in the construction sub-sector, proxied by the volume of cement sales, improved by 8.6 percent
(year-on-year) in March 2025 to 253,754.47 tonnes, up from 233,741.82 tonnes recorded a year ago.
On a month-on-month basis, it increased by 10.8 percent when compared with 229,018.45 tonnes
recorded in February 2024. Cement sales for the first quarter of 2025 went up by 2.4 percent to
706,709.11 tonnes.

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Vehicle Registration
Transport sector activities, gauged by new vehicle registrations, increased by 44.5 percent to 19,208 in
March 2025, from 13,297 vehicles registered during the corresponding period of 2024. Cumulatively,
vehicles registered in the first quarter of 2025 increased by 32.8 percent to 69,797 year-on-year.

Industrial Consumption of Electricity
Industrial consumption of electricity declined marginally by 1.1 percent in March 2025 to 285.98
gigawatts, as against 289.02 gigawatts recorded for the corresponding period in 2024. In cumulative
terms, consumption for the first quarter of 2025 remained largely unchanged at 860.19 gigawatts
compared to 858.62 gigawatts consumed for the corresponding period a year ago.

Passenger Arrivals
Passenger arrivals declined by 10.3 percent on year-on-year terms to 98,146 in March 2025, down from
109,380 arrivals recorded a year ago. On a month-on-month basis, however, tourist arrivals increased
by 2.2 percent. For the first quarter of 2025, there were 295,415 arrivals recorded at the international
airport and the land borders, compared with 308,024 for the corresponding period in 2024, representing
a decline of 4.1 percent.

Ports and Harbours Activity
International trade at the country’s two main harbours (Tema and Takoradi), as measured by laden
container traffic for inbound and outbound containers, improved during the period under review. Total
container traffic increased by 22.0 percent (year-on-year) to 73,577 in March 2025. In cumulative terms,
total container traffic for the first quarter of 2025 went up by 20.5 percent to 205,145 year-on-year.

3.2 Labour Market Activity

Private Sector Pension Contributors
Total number of private sector SSNIT contributors, which partially gauges employment conditions,
improved marginally by 0.8 percent to 1,040,013 in March 2025, compared with 1,031,788 for the same
period in 2024. On a month-on-month basis, total number of private sector contributors remained
largely unchanged from the 1,044,974 individuals recorded in February 2025.

Advertised Jobs
The number of jobs advertised in selected print and online media, which partially gauges labour demand
in the economy, increased in April 2025 relative to what was observed in the corresponding period a
year ago. In total, 3,388 job adverts were recorded as compared with 3,045 for the same period in 2024,
indicating an increment of 11.3 percent (year-on-year). Similarly, on a month-on-month basis, the
number of job vacancies in April 2025 increased by 6.4 percent. Cumulatively, for the first four months
of 2025, the total number of advertised jobs went up by 15.0 percent to 13,036, year-on-year.

3.3 Composite Index of Economic Activity
The Bank’s updated real Composite Index of Economic Activity (CIEA) recorded an annual growth of
2.3 percent in March 2025, compared to a growth of 1.0 percent for the corresponding period of 2024.
International trade activities, increased credit to the private sector by banks and construction activities
contributed to the improvement in economic activity during the period.

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3.4 Consumer and Business Surveys
The latest confidence surveys conducted in April 2025 showed significant improvement in both
consumer and business confidence. The Consumer Confidence Index improved to 103.6 in April 2025
from 100.2 in February 2025 on account of easing inflationary pressures and optimism about future
economic conditions. Similarly, the Business Confidence Index increased to 102.2 from 99.7 in the
same comparative period as firms met their short-term targets and expressed positive sentiments about
company and industry prospects in line with improving macroeconomic conditions. Results from the
confidence surveys were aligned with the observed trend in Ghana’s Purchasing Managers’ Index (PMI)
which also signaled an improvement in business conditions. The PMI rose to 52.6 in April 2025 from
50.6 in March 2025 mainly due to increases in output and new orders.

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Figure 3.1: High Frequency Economic Indicators


Sources: Bank of Ghana, Various Stakeholders
...Retail sales improved while domestic VAT collections declined in March 2025
compared to February 2025...
...Labour hiring conditions, proxied by the number of private sector
workers contributing to SSNIT, remained largely unchanged...
...Labour market conditions improved in March 2025 relative to February
2025...
...Construction activities, proxied by cement sales, improved in March
2025 compared to February 2025...
...Port activity increased in March 2025 compared to the previous month...
...Tourist arrivals remained largely unchanged in March 2025
compared to February 2025...

Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
Cement Sales

Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
Thousands
Port Activity (Container Traffic)

Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
Thousands
Tourist Arrivals

Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
Thousands
Number of Private Sector Contributors to SSNIT
Thousands, tons

Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
Million, GHC
Million, GHC
Retail Sales and Domestic VAT collection
Retail Sales, Left
Domestic VAT

Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
Million GHC
SSNIT Contributions from Private Sector
Panel 1:
Ghana's Leading Indicators of Economic Activity

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Source: Bank of Ghana, Various Stakeholders
...Commercial banks' credit to the private sector improved in March 2025
relative to the pevious month...
...Industrial activity, proxied by industrial consumption of electricity,
remained broadly unchanged...
...Exports increased while Imports remained largely in March 2025 compared
to February 2025...

Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
Million, USD
Imports
Exports
Imports and Exports

Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
GWh
Industrial Consumption of Electricity

Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
Billion, GHC
DMB's Credit to Private Sector


Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
Percent, y-o-y
Real CIEA
-8
-4

Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Percent, y-o-y
Cement Sales (Tons)
Port Activity
SSNIT Contr by Pte Sector
Exports
Industrial Cons of Electricity
DMB's Credit to Pte Sector
Imports
Tourist Arrivals
Dom VAT
Real CIEA growth (%)
Contribution to Real CIEA growth

Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Job Adverts
Panel 2:
Ghana's Leading Indicators of Economic Activity
...On a year-on-year basis, the real CIEA grew by 2.3 percent in March 2025,
compared with a growth of 1.0 percent in March 2024...
...The growth in the real CIEA was driven by a pick-up in Port Activity, Exports,
DMB’s Credit to the Private Sector and Cement Sales...
...Demand for labour, proxied by the number of job adverts (in print and
online media), increased in April 2025...
Number of advertised jobs

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Source: Bank of Ghana, Various Stakeholders
...Business Confidence improved as firms met their short-term targets and
expressed positive sentiments about company and industry prospects in line
with improving macroeconomic conditions...
...Vehicle registration declined in March 2025 compared to the month before...
...Consumer Confidence improved on account of easing inflationary
pressures and optimism about future economic conditions...


Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
Vehicle Registration
102.2

Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Index
Business Confidence Index
103.6

Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Index
Consumer Confidence Index

Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
Billion, GHC
Domestic taxes, Direct
...Domestic tax collection increased in March 2025 compared to February
2025...
Panel 3:
Ghana's Leading Indicators of Economic Activity
Number of vehicles

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4. Monetary and Financial Developments


4.0 Highlights
Growth in monetary aggregates has been largely constrained in the first four months of the year,
underpinned by the tight monetary policy stance and effective liquidity management. There was a strong
expansion in the Net Foreign Assets, largely due to the Central Bank’s accumulation of monetary gold.
Annual growth in credit to the private sector increased in nominal terms, supported by the pick-up in
real sector activities observed over the comparative period. Money market rates broadly trended
downwards at the short end of the primary market on a year-on-year basis.

4.1 Developments in Monetary Aggregates

Money Supply
Developments in monetary aggregates for April 2025 showed a deceleration in the pace of growth in
broad money supply (M2+), driven by contraction in Net Domestic Assets (NDA) of depository
corporations, tight monetary policy stance and strong liquidity management. The Net Foreing Asset
(NFA), however, expanded significantly. Annual growth in M2+ declined to 26.7 percent in April 2025,
relative to 29.9 percent in the corresponding period of 2024. The contribution of NFA increased to 36.1
percent from 22.9 percent, while that of NDA decreased to negative 9.4 percent from 7.0 percent, over
the same comparative period.


Sources: Bank of Ghana


Figure 4.1a: M2+ Growth and its Sources
(% Contributions)
Net Foreign Assets
NDA
Total Liquidity (M2+)

Figure 4.1b: Banking Sector NDA and its
Sources (% Contributions)
NCG
Claims on Priv. Sect. (Incl. PE's)
BOG OMO Steril. Acc.
OIN
NDA

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Figure 4.2: M2+ and its Components (% Contributions)

Source: Bank of Ghana

In terms of annual growth rates, NDA recorded a negative growth of 10.9 percent percent in April 2025
relative to 6.7 percent in April 2024, while NFA expanded by 261.7 percent relative to 457.9 percent,
over the same comaprative period. The decline in the contribution of the NDA to the growth of M2+
was mainly driven by contractions in Net Claims on Government (NCG) and increased sterilization
through the issuance of Bank of Ghana bills. This was moderated by increases in claims on private and
public sector and expansion in the Other Items Net.

Analysis of the components of M2+ showed that the moderation in the growth in M2+ reflected in
decreased growth in demand deposit, saving and time deposits, and foreign currency deposits. Growth
in currency with the public, however, increased significantly.

4.2 Reserve Money
Growth in Reserve Money (RM) moderated significantly in April 2025, mainly induced by a contraction
in the NDA, reflecting increased sterilization and a decline in Net Claims on Government; the NFA,
however, expanded considerably, largely on the back of inflows from Gold for Reserve (G4R)
Programme, forex purchases, and proceeds from the IMF Extended Credit Facility (ECF). Annual
growth in reserve money declined to 37.99 percent in April 2025, from a growth of 51.88 percent
recorded in the corresponding period of 2024.

The NDA of the Central Bank declined due to a contraction in net Claims on Government (NCG) and
Claims on Deposit Money Banks (DMBs), as well as increased Open Market Operations (OMO). The
contribution of NDA to the growth in RM decreased to negative 40.5 percent in April 2025 compared
to negative 2.2 percent recorded in April 2024. In contrast, the contribution of the NFA to the growth
in RM increased to 78.5 percent, relative to 54.1 percent, over the same comparative period.


per cent
Curr.
Dem. Dep
Sav and Time Dep.
FCDs
Total Liquidity (M2+)

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Source: Bank of Ghana

4.3 Deposit Money Banks Credit Developments
Deposit Money Banks’ (DMBs’) credit to the private sector and public institutions increased by
GH¢13.60 billion (17.4%) in April 2025 compared to an increase of GH¢5.58 billion (7.7%) recorded
in April 2024. The increase in credit flows was largely due to an expansion of credit to the private
sector. Credit to the private sector increased by GH¢14.31 billion (19.9%) in April 2025 compared to
an increase of GH¢6.98 billion (10.8%) recorded in the corresponding period of 2024. The increased
flow of credit to the private sector was on the back of increased domestic currency credit.
Private sector credit accounted for 105.2 percent of the flow in total outstanding credit in April 2025,
relative to 125.1 percent recorded in the corresponding period of 2024. The top five sectors with
significant share of credit flows are: services (52.0%); commerce and finance (28.5%); manufacturing
(12.5%); construction (8.3%); and agriculture, forestry and fisheries (4.8%).
Outstanding credit to the private sector at the end of April 2025 was GH¢86.16 billion, compared with
GH¢71.86 billion recorded in April 2024. In real terms, it contracted marginally by 1.1 percent relative
to 11.5 percent contraction recorded over the same comparative period.


Figure 4.3a: RM Growth and Contribution
from NFA and NDA (%)
NDA
NFA
RM growth (y-on-y)

Figure 4.3b: BOG NDA and Its Sources (%
Contributions)
NCG
NC_DMBs
OMO Ster. A/c
OIN
NDA

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4.4 Money Market Developments
Interest rates continue to trend downward at the short-end of the primary market. The 91-day and 182day Treasury bill rates decreased to 15.47 percent and 16.23 percent respectively, in April 2025, from
25.68 percent and 28.03 percent, respectively, in the corresponding period of 2024. Similarly, the rate
on the 364-day instrument declined to 18.62 percent in April 2025 from 28.64 percent in April 2024.
Rates on the 2-year, 3-year, 5-year, 6-year, 7-year, 10-year, 15-year, and 20-year bonds remained
broadly stable at 21.50 percent, 29.85 percent, 22.30 percent, 21.75 percent, 18.10 percent, 19.75
percent, 19.75 percent, and 20.20 respectively, due to the non-issuance of these instruments during the
review period.

The Interbank Weighted Average Rate (IWAR) decreased to 26.92 percent in April 2025 from 28.68
percent in April 2024. Similarly, the average lending rates of banks declined to 27.40 percent in April
2025 from 31.25 percent, recorded in the corresponding period of 2024, reflecting the pass-through
effect of declines in the rates on the primary market.

Source: Bank of Ghana
Figure 4.4a: Sectoral Shares in Credit to the Private
Sector (%)
Apr-24
Apr-25

Figure 4.4b: Growth in Real Private Sector
Credit (RGPSC) vs. Trend
RGPSC
Trend

Figure 4.5a: MPR, Interbank and T-bill
Rates and Inflation (%)
MPR
91-Day T-bill
rate
Inter-Bank rate
Inflation

Figure 4.5b: Yield Curve (Year-on-Year,
%)
Apr-24
Apr-25

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4.5 Stock Market Developments
The Ghana Stock Exchange Composite Index (GSE-CI) recorded a year-on-year gain of 65.3 percent
in April 2025 compared to a growth of 34.5 percent in April 2024. The robust performance of the GSECI was underpinned by improved investor appetite, driven by significant recovery in the profitability of
listed financial institutions and improved liquidity on that segment of the market. The main sectors that
contributed to the gains were the food and beverages, manufacturing, distribution, finance, agriculture,
and ETFund sectors. The GSE-Financial Stocks Index (GSE-FI) closed at 3112.17 points, reflecting a
gain of 52.2 percent compared to a gain of 16.3 percent, over the same comparative period.

Total market capitalisation at the end of April 2025 was GH¢135.97 billion, representing a year-onyear growth of 69.30 percent. The increase in market capitalization was mainly driven by appreciation
in share prices, underpinned by renewed investor confidence, particularly in the food and beverages,
manufacturing, distribution, finance, mining, IT and ETFund sectors. This was also supported by the
issuance of new shares by CAL bank and ADB.

Table 4.1: Performance of Ghana Stock Exchange

Source: Ghana Stock Exchange and Bank of Ghana Staff Calculations

Source: Bank of Ghana


Y-T-D
Apr-23
Dec-23
Mar-24
Apr-24
Jun-24
Sep-24
Dec-24
Feb-25
Mar-25
Apr-25

GSE CI

GSE FI

Market Capitalization

Changes
Y-O-Y

Figure 4.6a: GSE Composite Index

Figure 4.6b: GSE Financial Stocks Index

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4.6 Conclusion
Growth in monetary aggregates has been largely constrained in the first four months of the year,
underpinned by tight monetary policy stance and effective liquidity management. Growth in reserve
money moderated significantly in April 2025, mainly induced by a contraction in the NDA, reflecting
increased sterilization and decline in net claims on Government. Annual growth in credit to the private
sector increased in nominal terms, supported by the pick-up in real sector activities. Money market rates
broadly trended downwards at the short-end of the primary market on a year-on-year basis. The
Interbank Weighted Average Rate (IWAR) increased, reflecting the transmission of the hike in
monetary policy rate to the interbank market in March 2025. In contrast, the average lending rates of
banks decreased significantly, reflecting the pass-through effect of declines in the Government’s shortterm rate.

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5. Banking Sector Developments

5.0 Highlights
The banking sector performance remained stable in April 2025. The sector continued to record strong
growth in assets driven by increases in domestic deposits and other funding sources. Financial
Soundness Indicators (FSIs) generally recorded positive improvements. There was a significant
improvement in solvency and liquidity measures although profitability indicators moderated. The
quality of assets in the industry proxied by the Non-Performing Loans (NPL) ratio also improved on
account of higher credit growth.

5.1 Banks’ Balance Sheet
Total assets of the banking sector grew by 27.2 percent to GH¢390.1 billion in April 2025 relative to a
growth of 28.8 percent in April 2024. In terms of components, foreign assets grew by 49.0 percent in
April 2025, up from 47.5 percent in April 2024, while domestic assets picked up by 24.9 percent in
April 2025 compared to 21.7 percent a year earlier. Consequently, the share of foreign assets in total
assets improved to 11.1 percent in April 2025 from 9.5 percent in April 2024 while the share of domestic
assets declined to 88.9 percent from 90.5 percent over the same comparative period.

Growth in investments remained relatively flat at 27.8 percent in April 2025 compared to a growth rate
of 27.1 percent in the prior year. The stock of investments stood at GH¢135.4 billion with a fairly equal
distribution between bills and securities. Investments in securities grew moderately by 10.0 percent in
relative to a growth of 22.0 percent a year earlier. Growth in short-term bills on the other hand, surged
by 51.7 percent in April 2025 from 34.6 percent in April 2024 on account of an uptick in banks’ holdings
of Bank of Ghana bills during the review period.

Credit growth picked up more strongly in April 2025 relative to April 2024, reflecting the gradual
rebound in economic activity. Credit grew by 17.4 percent in April 2025 to GH¢91.5 billion. Growth
in net loans and advances (gross loans adjusted for provisions and interest in suspense) also surged by
18.7 percent to GH¢74.6 billion in April 2025 relative to a growth rate of 0.9 percent in a similar period
in 2024.

The strong growth in assets was funded by improvement in domestic deposits, borrowings and other
funding sources. Total deposits remained the main source of funding for the banking sector. Total
deposits grew by 22.6 percent to GH¢85.4 billion in April 2025 relative to 28.4 percent in April 2024.
Borrowings, on the other hand, grew strongly by 69.1 percent to GH¢32.9 billion in April 2025
compared to a growth of 22.5 percent in April 2024. The strong growth in borrowings was principally
due to a strong growth in both short-term and long-term domestic borrowings, while long-term foreign
borrowings contracted during the review period.

Banks’ shareholders’ funds position continued to improve on the back of the ongoing recapitalization
of the sector and a continuous pickup in profits across the industry. Accordingly, total shareholders’
funds grew by 42.6 percent to GH¢43.9 billion as at end-April 2025 from 46.1 percent in April 2024,
reflecting increases in paid-up capital and the banks’ reserves.

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Table 5.1: Key Developments in DMBs' Balance Sheet

Source: Bank of Ghana


5.1.1 Asset and Liability Structure
The asset structure of the industry’s balance sheet in April 2025 indicated banks’ preference for less
risky assets. Cash and bank balances continued to be the largest component of total assets, with its share
increasing to 36.6 percent from 35.2 percent in April 2024. Investments (comprising bills, securities,
and equity) also recorded a marginal increase in its share to 34.7 percent from 34.5 percent in the
preceding year. Investments and cash and bank balances together accounted for 71.3 percent of total
assets in April 2025, compared to a share of 69.7 percent in April 2024. Notwithstanding the stronger
growth in credit in April 2025 relative to April 2024, the share of net loans and advances in total assets
declined to 19.3 percent from 20.5 percent during the review period. The proportion of non-earning
assets (fixed assets and other assets) in banks’ total assets, however, dropped slightly to 9.4 percent,
from 9.8 percent during the review period.

On the liability side, the share of deposits in banks’ liabilities and shareholders’ funds declined to 74.2
percent in April 2025, down from 77.0 percent in April 2024, reflecting the moderation in deposit
growth during the review period. In contrast, the share of borrowings ballooned to 8.4 percent in April
2025 from 6.3 percent in April 2024, while the share of shareholders’ funds in banks’ liabilities and
shareholders’ funds picked up to 11.3 percent from 10.1 percent over the same comparative period. The
proportion of other liabilities was 5.8 percent in April 2025, down from 6.6 percent recorded a year
earlier.


Apr-24
Feb-25
Apr-25
Apr-24
Feb-25
Apr-25
Apr-24
Apr-25
TOTAL ASSETS
306,785.1

384,726.3

390,142.3

28.8

34.0

27.2

100.0

100.0

A. Foreign Assets
29,114.9

46,029.9

43,371.9

47.5

83.2

49.0

9.5

11.1

B. Domestic Assets
277,670.2

338,696.4

346,770.3

27.1

29.3

24.9

90.5

88.9

Investments
105,930.0

122,401.1

135,382.7

27.1

8.6

27.8

34.5

34.7

i. Bills
44,903.7

54,493.3

68,116.9

34.6

1.6

51.7

14.6

17.5

ii. Securities
60,763.4

67,494.3

66,849.0

22.0

14.7

10.0

19.8

17.1

Advances (Net)
62,810.4

77,089.5

74,559.5

0.9

25.3

18.7

20.5

19.1

of which Foreign Currency
22,602.9

23,423.4

21,562.0

2.6

7.9

(4.6)

7.4

5.5

Gross Advances
77,938.6

93,670.3

91,533.9

7.7

25.2

17.4

25.4

23.5

Other Assets
21,229.5

25,403.4

26,133.4

42.9

48.7

23.1

6.9

6.7

Fixed Assets
8,401.6

9,484.5

9,787.5

14.1

14.3

16.5

2.7

2.5

TOTAL LIABILITIES AND CAPITAL
306,785.1

384,726.3

390,142.3

28.8

34.0

27.2

100.0

100.0

Total Deposits
236,260.2

286,920.9

289,545.2

28.4

27.9

22.6

77.0

74.2

of which Foreign Currency
75,692.5

91,510.3

85,409.6

26.0

27.0

12.8

24.7

21.9

Total Borrowings
19,469.0

28,334.1

32,923.0

22.5

96.0

69.1

6.3

8.4

Foreign Liabilities
6,547.5

6,923.6

6,075.6

(19.4)

3.5

(7.2)

2.1

1.6

i. Short-term borrowings
1,999.0

2,560.0

2,288.9

13.4

13.8

14.5

0.7

0.6

ii. Long-term borrowings
3,801.5

2,746.0

2,263.8

(18.7)

(27.4)

(40.4)

1.2

0.6

iii. Deposits of non-residents
731.4

1,570.9

1,422.6

(48.6)

138.7

94.5

0.2

0.4

Domestic Liabilities
268,542.4

335,415.0

340,090.3

29.0

34.5

26.6

87.5

87.2

i. Short-term borrowing
12,444.3

21,244.1

26,524.1

55.3

200.5

113.1

4.1

6.8

ii. Long-term Borrowings
1,224.3

1,784.0

1,846.1

(15.1)

31.6

50.8

0.4

0.5

iii. Domestic Deposits
235,528.8

285,350.0

288,122.7

29.0

27.5

22.3

76.8

73.9

Other Liabilities
20,217.8

26,527.9

22,438.1

23.4

47.0

11.0

6.6

5.8

Paid-up capital
13,033.2

17,118.3

17,282.9

24.9

31.3

32.6

4.2

4.4

Shareholders' Funds
30,837.7

42,175.6

43,964.3

46.1

40.0

42.6

10.1

11.3

(GH ¢'million)
Y-on-Y Growth (%)
Shares (%)

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Figure 5.1: Developments in Banks’ Balance Sheet & Asset Quality

Source: Bank of Ghana

5.1.2 Share of Banks’ Investments
The structure of banks’ investment portfolio changed in April 2025 relative to the April 2024 position.
Short-term bills overtook securities to become the largest component of banks’ investment portfolio
with a share of 50.3 percent, compared to 42.4 percent in April 2024. Consequently, the share of
securities declined to 49.4 percent from 57.4 percent in the same corresponding period last year. The
share of equity investments remained fairly unchanged at 0.3 percent compared 0.2 percent in April
2024.

5.2 Credit Risk
The industry’s exposure to credit risk improved between April 2024 and April 2025, as indicated by a
decline in the industry non-performing loan (NPL) ratio during the review period but remained elevated
in April 2025.

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5.2.1 Credit Portfolio Analysis
The stock of gross loans and advances (domestic and foreign) recorded a growth of 17.4 percent to
GH¢91.5 billion at end-April 2025 relative to 7.7 percent growth recorded in a similar period last year.
In terms of components, private sector credit (comprising credit to private enterprises and households)
posted a significant growth of 20.8 percent to GH¢86.8 billion in April 2025, up from 10.8 percent in
the same period in 2024. Public sector credit, on the other hand, contracted further by 11.7 percent to
GH¢5.4 billion at end-April 2025 after 18.7 percent contraction recorded in April 2024. Accordingly,
the share of private sector credit in total credit rose to 94.2 percent in April 2025, up from 92.2 percent
in April 2024, while the share of public sector credit declined to 5.8 percent in April 2025, down from
7.8 percent a similar period in 2024.

In terms of the distribution of credit by sectors, the services sector accounted for the largest share of
35.6 percent as at end-April 2025 (33.2 percent in April 2024), followed by the commerce and finance
sector with a share of 25.3 percent in April 2025 (23.0 percent in April 2024), while the manufacturing
sector accounted for a share of 10.9 percent (10.6 percent in April 2024). Together, these sectors
accounted for 71.8 percent of total credit in April 2025, compared with 66.7 percent in April 2024. The
mining and quarrying sector remained the lowest recipient of industry credit, with its share dropping
marginally from 3.2 percent in April 2024 to 2.7 percent at end-April 2025.

5.2.2 Off-Balance Sheet Transactions
Off-balance sheet transactions (largely trade finance and guarantees) contracted during the review
period. Contingent liabilities declined by 14.1 percent to GH¢21.0 billion as at end-April 2025, from
GH¢24.4 billion as at end-April 2024. In line with this contraction, the ratio of contingent liabilities to
total liabilities declined to 6.1 percent in April 2025, from 8.8 percent the previous year.

5.2.3 Asset Quality
The industry’s asset quality improved during the period under review. The industry’s NPL ratio reduced
to 23.6 percent in April 2025, from 25.7 percent in April 2024. When adjusted for the fully provisioned
loan loss category, it declined to 9.0 percent in April 2025 from 11.1 percent in April 2024. The decrease
in the NPL ratio was attributable to the higher growth in total loans relative to the growth in NPL stock.
The industry’s NPL stock grew by 8.7 percent to GH¢21.7 billion in April 2025, up from GH¢20.0
billion in April 2024.

Decomposition of the NPL stock indicated that the private sector accounted for the larger share of nonperforming loans, in line with its larger share of industry credit. The proportion of NPLs attributable to
the private sector picked up to 93.4 percent in April 2025, from 91.0 percent in April 2024, while that
of the public sector decreased to 6.6 percent in April 2025, from 9.0 percent in a similar period 2024.

The agriculture, forestry, and fishing sector recorded the highest NPL ratio of 62.1 percent, up from
58.7 percent in April 2024, followed by the transportation, storage, and communications sector with
53.9 percent in April 2025 (representing a pickup from 49.0 percent in 2024). The NPL ratio of the
construction sector, however, recorded the largest improvement from 41.3 percent in 2024 to 30.3
percent in April 2025 to round up the top three sectoral NPL ratios. The mining and quarrying sector
accounted for the lowest NPL ratio of 9.8 percent, also improving from 14.4 percent in April 2024.

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5.3 Financial Soundness Indicators
Together with the improvement in asset quality indicators, other key financial soundness indicators
(FSIs) also improved pointing to a liquid and profitable banking sector with improving capital buffers.

Figure 5.2: Key Financial Soundness Indicators

Source: Bank of Ghana


5.3.1 Liquidity Indicators
The industry’s liquidity position remained robust in April 2025, with improvements in the core
measures following the increase in the sector’s holdings of cash and bank balances. The ratio of core
liquid assets to total deposits improved to 49.3 percent in April 2025, up from 45.7 percent in April
2024, while core liquid assets to total assets ratio improved to 36.6 percent in April 2025 from 35.2
percent over the same comparative period in 2024. The ratio of broad liquid assets to total deposits
similarly rose to 95.9 percent in April 2025, from 90.4 percent in April 2024 while the broad liquid
assets to total assets also improved to 71.2 percent from 69.6 percent over the same comparative period
a year ago.

5.3.2 Capital Adequacy Ratio
The industry’s solvency position, measured by the Capital Adequacy Ratio (CAR) adjusted for
regulatory reliefs, stood at 17.5 percent in April 2025, above the 15.5 percent ratio recorded in April
2024. The CAR without the DDEP-related reliefs also improved significantly from 11.5 percent in April
2024 to 15.8 percent in April 2025. The higher CAR reflected a build-up in capital buffers on the back
of the on-going recapitalisation exercise and profit retention policy.


Apr-23
Apr-24
Feb-25
Apr-25
Efficiency Indicators (%)
Cost to income
Operational Cost to gross income
Cost to total assets (RHS)
Operational Cost to total assets (RHS)

Apr-23
Apr-24
Feb-25
Apr-25
Profitability (%)
Return On Equity (%) after tax
Return On Assets (%) before tax

Apr-22
Apr-23
Apr-24
Feb-25
Apr-25
Asset Quality
SUB-STD (GH¢m)
DOUBTFUL (GH¢m)
LOSS (GH¢m)
Adjusted NPL Ratio (%)
NPL Ratio (% Right Axis)

Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Solvency (%)
RWA/Total Assets
CAR (with Reliefs)
CAR (w/o Reliefs)

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5.3.3 Profitability
The banking industry remained profitable for the first four months of 2025, recording higher profitbefore-tax (PBT) and profit-after-tax (PAT). Growth in PAT however, moderated during the period
under review.

Generally, all income lines grew in April 2025 relative to the same period last year. Net interest income
picked up by 15.5 percent to GH¢9.2 billion in April 2025, although the growth was lower than the 22.4
percent recorded in April 2024. In year-on-year terms, interest income improved to GH¢13.9 billion,
up from GH¢12.0 billion, suggesting a modest growth of 15.9 percent relative to 19.4 percent in April
2024. The slower pace of growth in interest income was partially due to the relatively lower rates of
return on money market instruments as well as a decline in lending rates influenced by current
macroeconomic developments. Interest expenses also picked up to GH¢4.7 billion in April 2025,
registering a growth rate of 16.5 percent, up from 14.0 percent in April 2024. Among others, the increase
in interest expenses was due to the increase in borrowings.

Net fees and commissions recorded a higher growth of 26.2 percent in April 2025 from 12.8 percent in
similar period a year ago. Equally, other income recorded significant growth of 27.8 percent to GH¢2.0
billion in April 2025 compared to a contraction of 20.8 percent in April 2024. The combined effect of
the changes in the different income lines culminated in an overall growth in the industry’s operating
income to GH¢13.2 billion in April 2025 from GH¢11.1 billion, representing a significant growth of
18.8 percent relative to 12.3 percent in April 2024. Similarly, gross income expanded to GH¢17.9
billion in April 2025 (18.2% year-on-year growth).

With the exception of provisions, cost lines recorded similar higher growths in April 2025 relative to
the same period in 2024. The industry’s operating expenses grew by 23.0 percent in April 2025,
compared to 11.9 percent in April 2024 mainly due to strong growth in staff costs and other operating
(administrative) expenses. Impairment losses on financial assets as well as provisions for bad debt and
depreciation, however, contracted by 24.2 percent in April 2025.

The industry’s profit-before-tax (PBT) grew by 21.9 percent during the first four months of 2025 to
GH¢6.4 billion, up from GH¢5.2 billion registered during the same corresponding period in 2024. Also,
profit-after-tax (PAT) grew by 22.0 percent to GH¢4.3 billion in April 2025, from GH¢3.5 billion
(24.6% growth) recorded during the same period a year ago.

(a) Return on Assets and Return on Equity
The banking sector’s profitability indicators, namely, return-on-assets (ROA) and return-on-equity
(ROE), moderated during the period under review. The ROE declined to 30.0 percent in April 2025,
down from 35.0 percent in April 2024, while ROA was 5.0 percent, also down from 5.4 percent in April
2024.

(b) Interest Margin and Spread
Apart from the profitability ratio, all profitability indicators moderated in April 2025 relative to April
2024. Interest spread narrowed to 4.0 percent in April 2025, down from 4.3 percent in April 2024. The
decline in spread was due to a fall in gross yields to 5.8 percent in April 2025, from 6.3 percent in April
2024. Interest payable also recorded a marginal decline to 1.8 percent in April 2025, from 2.0 percent
in similar period a year ago. The interest margin to total assets ratio also inched down to 2.4 percent in
April 2025 from 2.6 percent in April 2024, while the interest margin to gross income ratio declined to

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51.3 percent in April 2025 from 52.5 percent during the same period last year. Similarly, the ratio of
gross income to total assets (asset utilisation) declined from 4.9 percent in April 2024 to 4.6 percent in
April 2025. The profitability ratio, however, rose from 23.1 percent in April 2024 to 23.8 percent in
April 2025.

(c) Composition of Banks’ Income
Income from investments remained the largest component of banks’ total income in April 2025, with
its share rising to 43.9 percent, from 42.8 percent in April 2024 following the growth in total
investments. The share of interest income from loans, however, dipped to 33.6 percent in April 2025
from 36.3 percent in April 2024. The share of banks’ income from fees and commissions grew slightly
from 10.5 percent in April 2024 to 11.2 percent in April 2025. Similarly, the share of income from other
sources picked up to 11.3 percent in April 2025.

Figure 5.3: Composition of Income, Cost and Borrowings

Source: Bank of Ghana


5.3.4 Operational Efficiency
The industry’s efficiency improved marginally, notwithstanding the increase in growth in interest and
operating expenses during the review period. The cost-to-income ratio declined from 76.9 percent in
April 2024, to 76.2 percent in April 2025 and cost-to-total assets ratio improved to 3.5 percent in April
2025, from 3.8 percent in April 2024. The operational cost-to-total assets ratio also improved marginally
to 2.3 percent in April 2025, from 2.5 percent in April 2024 and the ratio of operational cost to total
income improved to 49.9 percent in April 2025, from 50.3 percent during the corresponding period in
2024.


Composition of Cost (%)
Interest Expense
Operating Expense
Total Provision
Tax

Composition of Banks' Income (%)
Investments
Loans
Fees & Commissions
Other Income

Apr-22
Apr-23
Apr-24
Feb-25
Apr-25
Banks' Borrowing by Source (% of Total)
Domestic Borrowing
Foreign Borrowing

Apr-22
Apr-23
Apr-24
Feb-25
Apr-25
Banks' External Borrowing by Maturity (% of Total)
Short-term borrowings
Long term borrowings

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5.3.5 Banks’ Counterparty Relationships
Total offshore balances grew by 53.2 percent to GH¢39.21 billion, up from 50.2 percent recorded in
April 2024. The ratio of offshore balances to net worth rose to 89.2 percent from 83.0 percent during
the corresponding period in 2024. Growth in industry placements with foreign counterparties, however,
recorded a marginal decline of 84.4 percent in April 2025 from 87.5 percent recorded a similar period
a year earlier. Growth in nostro balances also dipped from 23.3 percent in April 2024 to 18.7 percent in
April 2025.

The share of banks’ external borrowings in total borrowings declined to 13.8 percent in April 2025,
down from 29.8 percent in April 2024, while the share of domestic borrowings grew to 86.2 percent in
April 2025 from 70.2 percent in April 2024. Banks’ external borrowings were tilted towards short-term
segment of the market with the share of short-term borrowings picking up to 50.3 percent, from 34.5
percent in a similar period a year ago. Long term instruments, however, declined to 49.7 percent in
April 2025, down from 65.5 percent in April 2024.

5.4 Credit Conditions Survey
Results of the April 2025 Credit Conditions Survey suggested a marginal net tightening in the overall
credit stance on loans to enterprises between February and April 2025, on the back of a net ease in the
stance in all components of enterprise loans except loans to large enterprises. Banks, however, projected
their overall stance on enterprise loans to ease between May and June 2025, from a net ease in the stance
on all components of enterprise loans.

The overall stance on loans to households eased marginally during the April 2025 survey round from
net eases in both components of household loans (namely, loans for house purchase and consumer credit
and other lending). Over the next two months, banks project a further easing in the overall stance on
loans to households, driven largely by positive sentiments towards economic activity.

On the demand side, the April 2025 survey indicated an increase in overall demand for enterprise loans
for both short term and long-term instruments. Banks projected a softening in demand for corporate
loans over the next two months, driven by decreased demand for all corporate loans with the exception
of large enterprises.

Credit demand by households recorded a net increase between March and April 2025, from a net
increase in the demand for both mortgages and consumer credit and other lending. Over the next two
months, banks expect a further increase in the demand for both consumer credit and loans for house
purchases to drive an increase in the overall demand for household loans.

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Figure 5.4: Credit Conditions Survey Results

Source: Bank of Ghana

5.5 Conclusion and Outlook
The banking sector rebounded in performance with improvement in solvency, liquidity, asset quality
and efficiency. The sector’s performance, however, continues to be moderated by the lingering effects
of the macroeconomic challenges and the DDEP. The sustained increases in profits are projected to
boost the capital levels of banks and support recapitalisation efforts. Asset quality, although moderating,
remains elevated and poses a key risk in the outlook, and will have to be monitored closely to minimise
its impact on the sector.


NPR (%)
Loans for house purchase
Consumer credit and other lending
Overall stance to Households
Index, a rise denotes tightening
Households

NPR (%)
Loans for house purchase
Loans for consumer credit
Overall Household demand for loans
Index, a rise denotes increase in demand
Households

NPR (%)
Small and Medium Enterprises
Large Enterprises
Overall Credit Stance for Enterprises
Short term enterprise loans
Long term enterprise loans
Index, a rise denotes tightening
Corporates

NPR (%)
Overall Demand for credit
Small and Medium Enterprises
Large Enterprises
Short term
Long term
Index, a rise denotes increase in demand
Corporates

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6. Price Developments

6.0 Highlights
Domestic inflation has declined consistently for the first four months of the year 2025, cumulatively
dropping by 2.6 percentage points since December 2024. The decline has been driven by a tight
monetary policy stance, liquidity sterilization efforts, downward revision in ex-pump petroleum prices,
and stability in the exchange rate. Staff projections show a high probability of inflation getting to within
12.0 percent by the end of 2025 and further down to the medium-term target of 8 ± 2 percent.

6.1 Domestic Inflation
Domestic inflation has declined consistently for the first four months of the year 2025. The decline has
been broad-based, with both food and non-food inflation recording appreciable declines. Headline
inflation eased to 21.2 percent in April 2025 from 23.5 percent in January, 23.1 percent in February,
and 22.4 percent in March 2025—a cumulative drop of 2.6 percentage points since December 2024.
Food inflation decreased to 25.0 percent in April 2025 from 26.5 percent in March, 28.1 percent in
February, and 28.3 percent in January, representing a cumulative drop of 2.8 percentage points.
Similarly, non-food inflation fell to 17.9 percent in April from 18.7 percent in March, 18.8 percent in
February, and 19.2 percent in January, a cumulative decline of 2.4 percentage points since December
2024. The decline has been driven by a variety of factors, including continued maintenance of a tight
monetary policy stance, stepped-up liquidity sterilization efforts through open market operations
activity, downward revision in ex-pump petroleum prices, stability in the exchange rate (which is
impacting favorably on imports), a gradual re-anchoring of inflation expectations, and ongoing
absorptive fiscal consolidation efforts which is well aligned with the 2025 budget.

The Bank’s main measure of core inflation continues to ease since the last MPC meeting in March 2025.
Inflation, excluding energy and utility items from the consumer basket, eased to 21.0 percent in April
2025 from 22.4 percent in February. The April 2025 inflation expectation measures, as derived from
the Bank’s Quarterly Projection model, the yield curve, and surveys of businesses, consumers and the
financial sector indicated continued easing of expectations.

Source: GSS and Bank of Ghana Staff Calculations

Apr-22
Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Figure 6.1a: Year on Year Inflation
Headline
Lower Band
Upper Band

Apr-22
Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Figure 6.1b: Headline vs Core Inflation
(%)
Core 1 (Excluding
Fuel, and Utilities)
Headline Inflation

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On a month-on-month basis, headline inflation softened to 0.8 percent in April 2025 from 1.3 percent
in February 2025. Monthly food inflation decreased to 0.9 percent from 1.8 percent in February 2025.
Similarly, month-on-month non-food inflation has halved since the last MPC meeting, declining to 0.7
percent in April 2025 from 1.4 percent in February.

Inflation has broadly declined across all subgroups since the last MPC, except for Insurance & financial
services and Transport, where April figures for 2025 were higher than 2024 April’s.

Figure 6.2: Month-on-Month Inflation (%)

Source: Ghana Statistical Service


Table 6.1 CPI Components

Source: Ghana Statistical Service

-3
-2
-1

Apr-

May-

Jun-

Jul-

Aug-

Sep-

Oct-

Nov-

Dec-

Jan-

Feb-

Mar-

Apr-

May-

Jun-

Jul-

Aug-

Sep-

Oct-

Nov-

Dec-

Jan-

Feb-

Mar-

Apr-

Headline

Food

Non-food

Weghts
Dec
Dec
Dec
Jan
Feb
Mar
Apr
Jul
Dec
Jan
Feb
Mar
Apr
(%)
Overall

Food and Beverages

Non-food

Alcoholic Beverages, Tobacco & Narcotics

Clothing and footwear

Housing and Utilities

Furnishings, Household Equipment

Health

Transport

Information and Communication

Recreation & Culture

Education

Restaurants and accommodation services

Insurance and Financial services

Personal care, social protection & Miscellaneous services


CPI Components (%)

Source: Ghana Statistical Service

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6.2 Inflation Risk Assessment and Outlook
Staff projections show a high probability of inflation getting to within 12.0 percent by the end of 2025
and further down to the medium-term target of 8 ± 2 percent. Inflation projections are subject to both
upside and downside risks. In the balance, risks to the inflation outlook are tilted to the downside. On
the upside, the residual effect of prior food supply disruptions that affected food prices, broader supply
chain challenges, and escalating trade tensions could impact inflation forecasts. We expected these
upside risks to be outweighed by the stability in the exchange rate and the falling crude oil prices which
is expected to lead to a significant fall in ex-pump prices feeding into lowering transport fares.
Currently, GPRTU has announced a 15.0 percent reduction in transport fares, effective 26 May 2025.
This is expected to dampen the pressures on food and non-food inflation. Also, there are expectations
of a downward review of utility tariffs and calls on trading associations like GUTA to begin reducing
prices. We also see a gradual re-anchoring of inflation expectations and ongoing absorptive fiscal
consolidation efforts which are well aligned with the 2025 budget.

Decision on the Monetary Policy Rate
The Committee took note of the latest forecast which points to continued easing of inflationary pressures
on the back of tight monetary policy stance, exchange rate stability, and fiscal consolidation. Despite
these positive developments, the Committee took the view that the current level of inflation remained
high relative to the medium-term target. These will require maintaining the tight stance to reinforce the
disinflation process. Under the circumstances, the Committee, by a unanimous decision, maintained the
policy rate at 28.0 percent.

The Committee took additional policy measures to amend the Dynamic Cash Reserve Ratio (CRR).
The CRR for all banks will now be maintained in their respective currencies. This means that foreign
currency reserves for foreign currency deposits and domestic currency reserves for domestic currency
deposits. This policy measure became effective on June 5, 2025.

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APPENDIX

Table A1: Sources of Growth in Total Liquidity (GH¢ Millions, unless otherwise stated)

Source: Bank of Ghana Staff Calculations

Table A2: Sources of Growth in Reserve Money (GH¢ Millions, unless otherwise stated)

Source: Bank of Ghana Staff Calculations
Appendix 1: Sources of Growth in Total Liquidity (M2+) (millions of Ghana cedis unless otherwise stated)
Apr-23
Dec-23
Mar-24
Apr-24
Jun-24
Sep-24
Dec-24
Feb-25
Mar-25
Apr-25
1 Net Foreign Assets

Bank of Ghana

Commercial Banks

2 Net Domestic Assets

3 ow: Claims on government (net)

4 ow: Claims on Private sector( Incl. PE's)

BOG OMO Sterilisation Acc.

5 Total Liquidity (M2+)

6 ow: Broad Money Supply (M2)

7 ow: Foreign Currency Deposits(¢million)

Change from previous year (in per cent)
8 Net Foreign Assets

9 Net Domestic Assets

10 ow: Claims on government (net)

11 ow: Claims on Private sector( Incl. PE's)

12 ow: BOG OMO Sterilisation Acc.

12 Total Liquidity (M2+)

13 Broad Money Supply (M2)

14 Foreign Currency Deposits (FCDs)

Cummulative change from previous year end (in per cent)
15 Net Foreign Assets

16 Net Domestic Assets

17 o/w: Claims on government (net)

18 Broad Money(M2+)

Annual per cent contribution to money growth
19 Net Foreign Assets

20 NDA

21 Total Liquidity (M2+)

Memorandum items
22 Reserve Money

23 NFA ($million)

24 Currency ratio

25 FCD/M2+

26 FCD/Total Deposit

27 RM multiplier

Appendix 2: Sources of Growth in Reserve Money (millions of Ghana cedis unless otherwise stated)
Apr-23
Dec-23
Mar-24
Apr-24
Jun-24
Sep-24
Dec-24
Feb-25
Mar-25
Apr-25
1 Net Foreign Assets ( NFA)

2 Net Domestic Assets ( NDA)

of which:
3 ow: Claims on government (net)

4 Claims on DMB's (net)

5 OMO Sterilisation Account.
(19524.1) (24795.4) (22605.9) (17663.1)
(16244.5) (21138.2) (18142.9) (23038.5) (35561.2) (44085.1)
6 Reserve Money ( RM)

7 ow:Currency

8 DMB's reserves

9 Non-Bank deposits

Change from previous year (in per cent)
10 Net Foreign Assets

11 Net Domestic Assets

12 ow: Claims on government (net)

13 Claims on DMB's (net)

14 OMO Sterilisation Account.

15 Reserve Money ( RM)

16 ow:Currency

Cumulative change from previous year end (in per cent)
17 Net Foreign Assets ( NFA)

18 Net Domestic Assets ( NDA)

19 o/w: Claims on government (net)

20 Reserve Money ( RM)

Annual per cent contribution
21 Net Foreign Assets

22 Net Domestic Assets ( NDA)

23 RM growth ( y-o-y)


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Table A.3: Asset and Liability Structure of the Banking Sector

Source: Bank of Ghana Staff Calculations


Table A.4: Credit Growth

Source: Bank of Ghana Staff Calculations


Table A.5: Contingent Liabilities

Source: Bank of Ghana Staff Calculations


Table A.6: Distribution of Loans and NPLs by Economic Sector (%)
Source: Bank of Ghana Staff Calculations
Apr-22
Apr-23
Apr-24
Feb-25
Apr-25
Components of Assets (% of Total)
Cash and Due from Banks

Investments

Net Advances

Others

Components of Liabilities and Shareholders' Funds (% of Total)
Total Deposits
65.5

77.2

77.0

74.6

74.2

Total Borrowings
13.3

6.7

6.3

7.4

8.4

Shareholders' Funds
13.7

8.9

10.1

11.0

11.3

Other Liabilities
7.6

7.2

6.6

6.9

5.8

Apr-23
Apr-24
Feb-25
Apr-25
Apr-24
Apr-25
Public Sector
7,483.53


Private Sector
64,875.46


- Private Enterprises
47,380.35


o/w Foreign
3,200.58


Indigeneous
44,179.77


- Households
15,721.79


Gross Loans

Economic Sector
Gh¢million
y/y growth (%)
Apr-22
Apr-23
Apr-24
Feb-25
Apr-25
Contingent Liabilities (GH¢million)
20,116.1

19,743.0

24,400.1

23,414.2

20,950.2

Growth (y-o-y)

% of Total Liabilities

a. Public Sector

i. Government

ii. Public Institutions

iii. Public Enterprises

b. Private Sector

i. Private Enterprises

o/w Foreign

Indigeneous

ii. Households

iii. Others

Share in
NPLs
Share in Total
Credit
Share in
NPLs
Apr-23
Apr-24
Feb-25
Apr-25
Share in Total
Credit
Share in
NPLs
Share in Total
Credit
Share in
NPLs
Share in Total
Credit

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Table A.7: Liquidity Ratios

Source: Bank of Ghana Staff Calculations

Table A.8: Profitability Indicators (%)

Source: Bank of Ghana Staff Calculations

Table A.9: DMBs’ Income Statement

Source: Bank of Ghana Staff Calculations


Apr-22
Apr-23
Apr-24
Feb-25
Apr-25
Liquid Assets (Core) - (GH¢'million)
42,150.6

69,897.1

107,918.8

149,495.2

142,771.0

Liquid Assets (Broad) -(GH¢'million)
125,785.5

153,075.8

213,585.9

271,482.8

277,736.9

Liquid Assets to total deposits (Core)-%
33.1

38.0

45.7

52.1

49.3

Liquid Assets to total deposits (Broad)- %
98.9

83.2

90.4

94.6

95.9

Liquid assets to total assets (Core)- %
21.7

29.3

35.2

38.9

36.6

Liquid assets to total assets (Broad)- %
64.7

64.3

69.6

70.6

71.2

Apr-23 Apr-24 Feb-25 Apr-25
Gross Yield

Interest Payable

Spread

Asset Utilitisation

Interest Margin to Total Assets

Interest Margin to Gross income

Profitability Ratio

Return On Equity (%) after tax

Return On Assets (%) before tax

Apr-23
Apr-24
Feb-25
Apr-25
Apr-24
Feb-25
Apr-25
Interest Income
10,048.7

12,002.0

6,690.6

13,905.0

19.4

13.5
15.9
Interest Expenses
(3,545.3)

(4,041.7)

(2,279.3)

(4,708.8)

14.0

18.5
16.5
Net Interest Income
6,503.4

7,960.2

4,411.3

9,196.2

22.4

11.0
15.5
Fees and Commissions (Net)
1,408.5

1,589.2

1,066.7

2,006.0

12.8

35.8
26.2
Other Income
1,997.3

1,581.9

772.6

2,022.2

(20.8)

5.5
27.8
Operating Income
9,909.2

11,131.3

6,250.6

13,224.4

12.3

13.9
18.8
Operating Expenses
(4,487.8)

(5,020.0)

(3,019.8)

(6,174.2)

11.9

24.7
23.0
Staff Cost (deduct)
(2,112.1)

(2,526.9)

(1,553.0)

(3,132.8)

19.6

28.8
24.0
Other operating Expenses
(2,375.7)

(2,493.1)

(1,466.9)

(3,041.5)

4.9

20.7
22.0
Net Operating Income
5,421.4

6,111.3

3,230.7

7,050.2

12.7

5.3
15.4
Total Provision (Loan losses, Depreciation &
others)
(1,087.7)

(863.4)

(275.2)

(654.2)

(20.6)

(55.5)
(24.2)
Income Before Tax
4,333.6

5,247.9

2,955.5

6,396.1

21.1

20.7
21.9
Tax
(1,525.3)

(1,748.3)

(969.1)

(2,127.7)

14.6

15.9
21.7
Net Income
2,808.3

3,499.6

1,986.4

4,268.4

24.6

23.1
22.0
Gross Income
13,454.5

15,173.1

8,529.9

17,933.2

12.8

15.0
18.2
(GH ¢'million)
Y-on-y Growth (%)

PUBLIC
PUBLIC
Table A.10: Developments in Offshore Balances

Source: Bank of Ghana Staff Calculations

Table A.11: Headline Inflation

Apr-22
Apr-23
Apr-24
Feb-25
Apr-25
Offshore balances as % to Networth

Annual Growth in Offshore balances (%)

Annual Growth in Nostro Balances (%)

Annual Growth in Placement (%)

Combined
Food
Non-food
Combined
Food
Non-food
Core 1
Core 2
Core 3
Core 4

42.7
57.3


Dec-20

Dec-21

Dec-22

Dec-23


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

Source: Ghana Statistical Service
Monthly Changes in CPI (%)
Annual Changes in CPI (%)
Core Inflation (%)
Bank of Ghana