Deputy Governor of the Bank of Ghana, Dr. Zakari Mumuni, has announced that Ghana recorded price stability in the first quarter of 2025, marking a significant shift in the country’s macroeconomic trajectory.
Speaking to ABC News GH’s Dela Michel during the IMF/World Bank Spring Meetings in Washington, D.C., Dr. Mumuni attributed the development to a blend of policy rate adjustments and strategic structural reforms implemented by the Bank.
“We have taken a lot of difficult decisions to get to where we are,” he noted, highlighting the monetary authority’s commitment to long-term deflationary trends and sustainable fiscal management.
He also reaffirmed the Bank’s continued collaboration with the Ministry of Finance to steer the economy toward recovery and resilience.
In addition to gains in domestic price stability, Dr. Mumuni indicated that the foreign exchange market has also shown notable stability within the same period, despite a challenging global economic backdrop.
“We have seen some stability in the foreign exchange market. This is against the backdrop of a very difficult first quarter,” he stated, pointing to improved investor sentiment and strong FX inflows as contributing factors.
Complementary measures rolled out by the central bank, including reserve management strategies and liquidity support mechanisms, have also played a role in stabilizing the cedi.
While inflation levels are still not within the Bank’s desired range, Dr. Mumuni assured that ongoing monetary interventions are expected to ease price pressures in the coming months.
Looking ahead, the Deputy Governor emphasized the importance of forward planning in mitigating future economic shocks.
“The best way to absorb any shock is to be prepared for it,” he said, adding that the Bank of Ghana is actively building financial buffers to reinforce economic stability.
He encouraged businesses and citizens alike to remain confident in the ongoing reforms, stressing that a disciplined and data-driven approach will pave the way for inclusive growth.
