2025 Mid-Year Budget Review: CSO Budget Forum Urges Further Measures to Support Cedi Stability, Lower Inflation
The Civil Society Organisations (CSOs) Budget Forum has called on government to introduce additional policy measures aimed at stabilising the Ghana cedi in the 2025 Mid-Year Budget Review.
The call by the Forum comes just days ahead of the presentation of the Mid-Year Budget by Finance Minister Dr Cassiel Ato Forson, scheduled for Thursday, July 24, 2025.
The cedi, which has shown some relative strength this year, has recorded a year-to-date appreciation of 50% against the US dollar, according to Fitch Solutions. The local unit is currently trading at GHS 10.40 to the dollar on the interbank market, although retail market quotes remain significantly higher at over GHS 12.
Despite the cedi’s recent performance, Fitch Solutions projects the local currency will end the year at GHS 11.45 per dollar on the interbank market.
Beyond currency stability, the Forum also called on the Government to introduce robust measures aimed at accelerating the downward trend in headline inflation, particularly food inflation, which continues to weigh heavily on low-income households.
Although headline inflation dropped significantly to 13.7% year-on-year in June 2025 — the lowest since December 2021 — food inflation remains elevated. The Ghana Statistical Service (GSS) recorded food inflation at 16.3% in June, down from 22.8% in May.
The CSOs Budget Forum maintains that while recent macroeconomic trends offer some optimism, the Government must consolidate the gains through prudent fiscal and monetary policy interventions in the upcoming budget review.
Meanwhile, Fitch Solutions, in response to the sharp fall in inflation has revised its inflation forecasts downward. It now expects average inflation to reach 15.4% in 2025 and 12.2% in 2026, compared to earlier projections of 17.1% and 13.9% respectively.
