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Dr. Erick Afful calls for support for government to achieve financial and economic and targets

Chairman of the Economy and Development Committee Dr. Erick Afful has entreated all and sundry to support the government in achieving the targeted financial and economic indices stated in the 2025 Budget Statement and Economic Policy.

Date Created : 7/16/2025 12:00:00 AM : Story Author : ghanadistricts.com

He revealed that the current positive performance of the country’s economy has attracted the Switzerland government to award a grant of 77 million Dollars to support the development of a resilient and forward-looking economy of Ghana. “Switzerland has pledged its support to Ghana through economy, trade, governance, democracy, peace and security, environment and climate change as well as sustainable development’, he added.

Dr. Erick Afful noted that data and statistics available to the Monetary Policy Committee of the Bank of Ghana indicate that Ghana’s economy is thriving and on the path of growth which would eventually lead to a sustainable growth and development.

Presenting a statement on the highlights of the positive trend of Ghana’s Economy in parliament, he noted that according to a report on the domestic front, the banks high frequency real sector indicators point to a sustainable pick-up in economic activities; the updated composite index of economic activities increase by 2.3 percent on year in March this year compared to 1.0 percent over the same period last year.

In addition the purchasing manager’s index rose above the 50-bench mark as output and now orders increased signaling improved growth and prospect.

The headline inflation, he noted has also declined consecutively within the year according to the BoG by 2.6% percentage point to 21.2% in April 2025 and 18.3% in May 2025, Mr. Speaker this has resulted in the reduction of the prices of goods and services in the country. The primary fiscal balance (on committee basis) has also improved significantly in the first quarter of 2025.

Meanwhile, the report indicates that at the end of March 2025, the stock of public debt stood at GH? 769.4 b, representing 55% of GDP compared with GH? 726.7 b, also representing 61.8% of GDP at the end of December 2024.

Also worthy of note is Ghana’s Gross International Reserve which is reported to have amounted to US$10.7 billion in the month of April 2025, equivalent to 4.7 months of import cover of goods and services.

The Chairman of the Economy and Development Committee said the Gross International Reserve has been programmed to hit 4.0 months of import cover at the end of 2025 according to the 2025 budget statement and economic policy, “this shows that broadly, the external sector outlook remains favorable, largely anchored on expectations of increased gold and cocoa receipts as well as inflows from remittances”.

The cedi, he stated has rebounded strongly against the major trading currencies driven by a combination of factors, including the tight monetary policy stance, on-going fiscal consolidation, record reserve accumulation, strict enforcement of foreign exchange rules and improved market sentiments.

“Mr. Speaker in the year of May 21, 2025 the cedi had appreciated against all major currencies, Mr. Speaker the Ghana cedi appreciated by 24.1% against the US Dollar, 16.2% against the British Pound and 14.1% against the Euro.”

Ghanadistricts.com