Ghana’s Mobile Money Transactions Surge as Banking Sector Maintains Stability

The Bank of Ghana ’s May 2025 report  reveals a mix of progress and ongoing challenges across key economic sectors.

Annual inflation fell to 21.2% in April 2025, down from 22.4% the previous month, with food prices rising 25.0% year-on-year and non-food inflation easing to 17.9%. Monthly inflation remained low at 0.8%, indicating short-term price stability.

Ghana’s real GDP growth for Q1 2025 stood at 3.6%, showing a slowdown from the 7.2% recorded in the previous quarter. The non-oil sector posted a stronger 4.4% growth, supported by services and agriculture.

The Bank maintained its Monetary Policy Rate at 28%, while average lending rates dropped to 27.4%, signaling modest easing in credit conditions. Meanwhile, the Ghana cedi showed significant appreciation, rising 24.1% against the US dollar since the beginning of the year.

In external trade, the country posted a cumulative trade surplus of USD 4.14 billion as of April 2025, driven largely by strong gold and cocoa exports. Gross international reserves rose to USD 10.67 billion, covering 4.7 months of imports.

On the fiscal front, public debt stood at GHS 769.4 billion, about 55% of GDP, with external debt accounting for GHS 442.5 billion.

The banking sector remained stable with a capital adequacy ratio of 17.5%, despite a high non-performing loan ratio of 23.6%. Mobile money usage continued to grow, reaching 75.2 million registered accounts and transaction values topping GHS 365 billion in April.

Overall, while inflation is easing and external buffers have strengthened, growth momentum and credit expansion appear to be softening.