The Bank of Ghana’s recovery narrative held through the first quarter of 2026 and remains the most consequential African economic story for diaspora observers tracking the corridor. The cedi appreciated roughly 41 per cent across 2025, ranking among the strongest-performing emerging-market currencies. Gross international reserves rose from US$9.1 billion at end-2024 to US$13.8 billion at close-2025, climbing further to US$14.5 billion by February 2026 — the highest reserve position Ghana has recorded.
The transmission to households is real but uneven. Bank of Ghana data show the policy rate has been cut from 27 per cent at end-2024 to 14 per cent by March 2026, with average lending rates dropping from 30.2 per cent to 17.7 per cent over the same window. Inflation reached 3.2 per cent in March 2026, the fifteenth consecutive monthly decline. Public debt has fallen from 62.5 per cent of GDP to 45 per cent. Trade surplus in the first two months of 2026 came in at US$3.7 billion. The IMF programme is on track for completion in August 2026, with five of six reviews completed.
The vulnerabilities are external. Brent crude has been trading above US$100 per barrel — a third higher than Ghana’s 2026 budget assumption of US$75 — creating fuel-cost pressure at home. Global financing conditions tightened in the first quarter. Bank of Ghana Governor Dr Johnson Pandit Asiama acknowledged at the Kwahu Business Forum in early April that maintaining stability in 2026 will be less costly than restoring it was in 2025, but the framework remains sensitive to commodity volatility and to whether the National Reserve Accumulation Programme can institutionalise the gold-backed reserve strategy beyond the current administration.
Sources: Bank of Ghana; Ghana Broadcasting Corporation; Ghanamma, March–May 2026.