From Crisis to Comeback: Ghana’s Economy Shines with Gold, Strong Cedi & Soaring Bank Stocks

Ghana’s economic story in 2025 is one of resilience, strategy, and resurgence. From a dramatic rebound in gold production to a surging Cedi and impressive stock market gains, the country is regaining investor attention across global markets.

Gold Output to Surpass 5 Million Ounces in 2025.

Ghana is set to reclaim its position as Africa’s gold giant. According to the Ghana Chamber of Mines, the country’s gold production is projected to exceed 5 million ounces in 2025, a massive leap from the 3.7 million ounces recorded in 2023.

Ahmed Dasana Nantogmah, Acting CEO of the Chamber, credits this growth to the revival of small-scale mining and strategic policies like the government-backed Goldbod initiative, aimed at stabilizing the macroeconomy and boosting forex earnings.

“We’re optimistic that Goldbod will enhance sustainability in the mining sector while helping improve foreign exchange inflows,” Nantogmah stated at the West African Mining and Power Expo.

Cedi Becomes One of 2025’s Best-Performing Currencies

After a turbulent 2024, the Ghanaian Cedi has flipped the script,appreciating by over 20% against the US dollar so far in 2025. As of May 29, the Cedi trades at GH¢10.31/$, recovering sharply from GH¢13.5 earlier in the year.

Research from Africa Policy Lens (APL) attributes this turnaround to:

• GH¢69 billion in delayed government payments that cooled forex demand

• Bank of Ghana’s gold-backed FX interventions using reserves from the Domestic Gold Purchase Programme

• Nearly $1 billion injected into the forex market between January and May, including $490 million in April alone

  
  

Despite this success, APL warns of the need for deeper reforms to maintain momentum. “Short-term wins are not substitutes for structural fixes,” their report notes.

Investor Confidence Grows on Strong Economic Fundamentals.

Ghana’s macroeconomic foundations are stabilizing, attracting renewed investor interest. Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana, emphasized that Ghana's current trajectory reflects more than just IMF compliance,it's about long-term credibility.

Key highlights include:

• 5.7% GDP growth in 2024, with 2025 projected at 4.0%

• Capital Adequacy Ratios now at 15.8%, signaling banking sector strength

• Expanding export base across gold, cocoa, and services

• Investment in digital finance, fintech, and green infrastructure

“Ghana is offering not just returns, but stability, governance, and strategic alignment,” Dr. Asiama told investors at the AfDB Private Roundtable in Nairobi.

Retail Prices Signal Mild Inflation but Cedi Strength Offers Relief.

While inflation hasn’t fully disappeared, the stronger Cedi is easing import-driven price hikes.

Notable retail price changes include:

• Silver Suede Body Spray (200ml): Now GH¢30.00, up 20% from late 2024

• Nestlé Milo (400g): Priced at GH¢52.00, rising 15.56% from November

These increases reflect supply chain adjustments but remain moderate compared to previous years, thanks in part to currency stability.

GCB Bank Shares Surge Over 25% YTD

On the Ghana Stock Exchange, GCB Bank is making waves. The stock closed at GH¢8.01 on May 29,up by 25.75% year-to-date from GH¢6.37 at the start of 2025.

An investor who committed GH¢100,000 in January would now be sitting on GH¢125,750, showcasing strong sentiment for banking stocks amid broader market recovery.

Conclusion: Ghana’s Economic Rebound Has Substance

Ghana’s 2025 comeback is more than optics, it’s underpinned by coordinated fiscal reform, resource-led revenue growth, and investor-friendly policy alignment. With gold exports booming, the Cedi outperforming global peers, and banking stocks delivering solid returns, Ghana is no longer just stabilizing,it’s rising with purpose.