Business and Consumer Confidence Rise as CIEA Records 4.4% Growth – BoG
Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has disclosed that Ghana’s real sector continues to show signs of sustained recovery, supported by robust performances in key sectors of the economy.
Speaking at the 125th Monetary Policy Committee (MPC) press briefing on Wednesday, July 30, 2025, Dr Asiama stated that the Central Bank’s Composite Index of Economic Activity (CIEA) recorded a year-on-year growth of 4.4% in May 2025, up from 3.4% in the corresponding period last year.
“Beyond the first quarter, the Bank’s high-frequency real sector indicators pointed to a sustained pickup in economic activity,” he said, attributing the growth to increased international trade, higher consumption levels, recovery in the construction sector, and rising tourist arrivals.
The Governor also highlighted improvements in sentiment among businesses and consumers, citing results from recent BoG confidence surveys. According to him, “The latest business and consumer confidence surveys reflected improved sentiments on the back of easing inflationary pressures and strong optimism about economic conditions.”
The BoG’s outlook suggests that the economy is gradually gaining traction, buoyed by declining inflation and improving macroeconomic stability, following recent policy interventions.
Meanwhile, the Monetary Policy Committee (MPC) of the Bank of Ghana has cut the benchmark monetary policy rate by 300 basis points to 25%, down from the previous rate of 28%, marking one of the most significant reductions in recent years.
Announcing the new rate at the 125th MPC press briefing, Dr Johnson Asiama attributed the rate cut to the continued decline in headline inflation and improvements in the macroeconomic environment.
