The Joy Business Review of 2025 major economic issues will come off tomorrow December 18, 2025. The review will start at 9am and will be live on the Joy News channel, Joy FM and all social media platforms. 

The panel will include CEO of Dalex Finance, Joe Jackson, Senior Partner, AB and David Africa, David Ofosu-Dorte, and the Director of Legon Centre for International Affairs and Diplomacy, Professor Peter Quartey.

The programme will be hosted by the Head of Joy Business, Winston Amoah.

Major business news items

Appointment of Dr. Johnson Asiama as BoG Governor

Some of the major issues that will be discussed include the appointment of Dr. Johnson Asiama as Governor of the Bank of Ghana in January 2025. Dr. Asiama was subsequently approved by parliament and sworn into office by President Mahama. The President later sworn in to office Dr. Mumuni Zakari and Matilda Asante Asiedu as First Deputy and Second Deputy Governors respectively of the Bank of Ghana.

Dr. Ato Forson as Finance Minister

In the same month of January, President Mahama named Dr. Cassiel Ato Forson as Finance Minister designate. Upon assuming office, Dr. Forson presented the government’s first major budget and also presented the 2026 Budget to parliament in November this year. The budgets, among many major initiatives removed the controversial Electronic (E) Levy, reformed the VAT system, introduced the 24 Hour Economy policy, as well as the Big Push Project.

Mahama presents first State of the Nation Address in second term

In February, President Mahama presented his first State of the Nation Address to parliament where he revealed huge losses made by state institutions such as COCOBOD, the Electricity Company of Ghana (ECG), among others.

He stated for example that COCOBOD was highly indebted. Its balance sheet indicated a total debt of GHS 32.5 billion, of which GHS 9.7 billion was due to be paid at the end of September 2025. 

BoG surprises with first rate hike since July 2023

In March, the Bank of Ghana raised its policy rate by 100 basis points to 28%, after Dr. Asiama chaired his first Monetary Policy Committee meeting. The committee has since cut the policy rate in subsequent meetings to 18 percent by the end of 2025. Inflation is also at 6.3 percent.

Dr. Forson leads Ghana’s delegation to IMF Spring Meetings

In April, Finance Minister, Dr. Forson, lead the country’s delegation to the 2025 IMF and World Bank Spring Meetings. This was the first such participation under the new National Democratic Congress (NDC) administration led by President John Mahama. The meetings came just one week after Ghana secured a staff-level agreement with the International Monetary Fund on the fourth review of its IMF-supported programme.

Ghana’s gross reserves estimated at $9.4bn in Feb.  

The stock of Ghana’s Gross International Reserves was estimated at US$9.4 billion at the end of February 2025. This was in line with the International Monetary Fund target. According to the Bank of Ghana, reserves was enough to cover 4.2 months of imports of goods and services.

World Bank backs Ghana $360m to strengthen macroeconomic stability

In June, the World Bank approved a $360 million financing package to support Ghana’s economic rebound, a move that signals renewed confidence in the country’s path to recovery and reform.The funding, under the Second Resilient Recovery Development Policy Operation (DPO), aimed to restore macroeconomic stability, revive investor confidence, and reinforce structural reforms to future-proof the economy.

Ato Forson presents Midyear Budget

On Thursday, July 24, 2025, Dr. Ato Forson presented the 2025 Mid‑Year Budget Review in Parliament, delivering an account of the administration's first six months. The budget was presented under the theme "Resetting the Economy for the Ghana We Want," saw the Minister outline key achievements, priorities, and the road ahead.

COCOBOD was expecting over $4bn in inflows before end of year

In August, the Bank of Ghana Governor, Dr. Johnson Asiama, revealed that COCOBOD is expecting over $4 billion in inflows before the end of this year. He explained that the funds are part of a new financing arrangement introduced by COCOBOD to support cocoa purchases for the new crop season.

August inflation drops to 11.5%, lowest in 4 years

By September, Ghana’s year-on-year August inflation had declined marginally to 11.5%, down from 12.1% recorded in July 2025, according to data released by the Ghana Statistical Service. This marked the eighth consecutive decline in inflation this year and the lowest rate in four years, falling below the government’s end-year target of 11.9% for 2025. The slowdown was largely driven by a drop in the general price levels of foodstuffs and other key items.

Ghana’s mining sector posts GH₵17.7bn in fiscal payments

In October, the Ghana Chamber of Mines reaffirmed its commitment to transparency and responsible disclosure, revealing that Ghana’s mining sector generated over US$40 billion in mineral revenue between 2014 and 2023.

Finance Minister presents 2026 Budget

In November Finance Minister Dr Cassiel Ato Forson lauded the resilience of Ghanaians and pledged to sustain fiscal discipline while protecting social spending. Presenting the 2026 Budget Statement and Economic Policy to Parliament, Dr Forson noted that the sacrifices made by citizens over the past year have begun to yield positive results, restoring stability and confidence in the economy.

Finance Minister also announced that the 2026 Budget is specifically designed to generate up to 800,000 new jobs across various sectors of the Ghanaian economy.

Inflation falls for 11th straight month to 6.3% in November 2025

In December, Ghana’s inflation dropped for the eleventh consecutive month, easing to 6.3% in November 2025 from 8.0% in October, according to the latest Consumer Price Index (CPI) report released by the Ghana Statistical Service (GSS). The Government Statistician, Dr. Alhassan Iddrisu, who presented the data in Accra, said the decline was driven largely by reductions in both food and non-food inflation. Overall, prices went up by 0.9% between October and November 2025. Food inflation fell sharply to 6.6%, down from 9.5% in October. Non-food inflation also dropped to 6.1% from 6.9%, while inflation in the services sector eased to 3.8% from 4.6%.