Economic Activity Rebounds – Dr. Asiama

Dr. Johnson Asiama

 

Bank of Ghana’s real sector indicators point to a sustained pickup in economic activity increasing by 2.3 percent year-on-year in March 2025 compared with the 1.0 percent over the same period in 2024.

Governor of the Bank of Ghana (BOG), Dr. Johnson Asiama who disclosed this at a press briefing following its 124^th Monetary Policy Committee (MPC) meeting at the Bank Square in Accra said such positive outlook in the domestic front is mainly driven by exports, credit to the private sector and construction activities.

“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”.

“In addition, the Ghana Purchasing Managers’ Index rose above the 50-benchmark as output and new orders increased, signaling improved growth prospects. Based on easing inflationary pressures and optimism about macroeconomic conditions, the latest confidence surveys showed significant improvement in consumer and business indices, the highest in the last seven years,” he stated.

According to him, Fiscal policy implementation so far has been broadly aligned with the 2025 Budget in the first quarter.

He said provisional data on budget execution indicated that although revenues fell below
target, some expenditure rationalisation took place to accommodate the revenue shortfall with an improved primary fiscal balance, thus on commitment basis in the first quarter.

Dr. Asiama also mentioned that the stock of public debt stood at GH¢769.4 billion, (55.0% of GDP), at the end of March 2025 compared with GH¢726.7 billion, (61.8% of GDP) at end-December 2024.

The Governor, however, added that continued maintenance of a strict fiscal consolidation for the 2025 Fiscal Year will further strengthen the ongoing recovery process and firm up macroeconomic stability.

 

By Ebenezer K. Amponsah

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