Ghana’s Economic Momentum in Mid-2025: Strong Cedi, Lower Prices, and Record Mining Revenue

asanteyawobed
Jun 2
4 min read

Ghana’s economic story in 2025 is one of resilience, relief, and recovery. The strengthening of the cedi, falling prices of essential goods, booming mining revenue, and an improving stock market are signs that the country’s macroeconomic progress is translating into real-world benefits for both households and investors.

Cedi Strength Sparks Confidence and Consumer Relief

The Ghanaian cedi has emerged as one of the top-performing currencies in the world in 2025, appreciating more than 20% against the U.S. dollar. As of May 31, 2025, it trades at GHS 10.31/USD, significantly stronger than the GHS 13.50 levels recorded earlier this year.

This remarkable rebound is being credited to:

The Bank of Ghana’s gold-backed interventions, drawing from the Domestic Gold Purchase Programme.
Almost $1 billion injected into the forex market from January to May, including a record $490 million in April.
A GHS 69 billion holdback in government payments, which cooled demand for forex.

According to Africa Policy Lens (APL), the strong cedi is helping reduce inflation by making imports cheaper, improving business predictability, and easing pressure on consumers.

“The cedi’s performance is creating a more stable economic environment. But we must still pursue long-term reforms,” APL cautioned.

Bel Beverages Reduces Prices as Cedi Gains Hold

In a rare move that directly passes on forex gains to consumers, BlowChem Industries Ltd., makers of Bel Aqua, Bel Cola, and other beverages, has announced price reductions effective June 1, 2025.

Citing the cedi’s strength and improved economic stability, BlowChem says it is committed to fairness and transparency.

“It is only right to pass these benefits on to our loyal customers,” the company stated.

Retailers have been urged to reflect the new pricing immediately. The announcement comes at a time when many are calling on businesses to revise prices downward as the macroeconomy improves.

Fuel Prices to Drop 5–9% in June

Motorists and transport operators will see relief at the pumps, as fuel prices are set to fall by 5%–9% during the first pricing window in June.

New pump prices are expected to range between:

Petrol: GHS 12.00 – GHS 12.60/litre
Diesel: GHS 12.60 – GHS 13.20/litre

The Africa Sustainable Energy Centre (ASEC) attributes this reduction to:

The stronger cedi, which lowers the cost of dollar-denominated petroleum imports.
A drop in Brent crude prices from $85 per barrel in January to around $64 in late May.

“Lower fuel costs will help reduce transport fares and inflation, though falling global oil prices may affect government revenues,” ASEC warned.

Mining Sector Sets Revenue Record: GH₵17.7 Billion

Ghana’s mining sector contributed a record-breaking GH₵17.7 billion to government revenue in 2024, marking a 51.2% increase from 2023.

Key highlights from the Ghana Chamber of Mines:

Dividends to government surged over 600% to GH₵1.03 billion.
Mineral royalties rose 76.7% to GH₵4.9 billion.
Mining’s share of direct domestic taxes grew from 22.7% to 24.3%.

“This reflects the rise in gross mineral sales and growing efficiency in tax collection,” said Chamber President Edem Michael Akafia.

The Ministry of Lands and Natural Resources has called for stronger partnerships between mining firms and the Ghana Gold Board to ensure safer, more inclusive mining practices.

Ghana Stock Exchange: Winners and Losers Analysis

The Ghana Stock Exchange has reflected the positive economic momentum with notable movements across various sectors on June 2, 2025.

Top Gainers Leading Market Rally

ACCESS Bank (ACCESS) emerged as the day's biggest winner with an impressive gain of +20.98% at GHC 11.13 per share. The bank's strong performance reflects investor confidence in the financial sector's ability to benefit from improved economic conditions and the stronger cedi.
SIC Insurance Company (SIC) followed closely with a solid gain of +20.24% at GHC 1.01 per share. Insurance companies typically benefit from currency stability as it reduces foreign exchange-related risks in their investment portfolios.
GCB Bank (GCB) rounded out the top gainers with a +4.83% increase at GHC 8.03 per share, demonstrating continued strength in the banking sector.

Market Underperformers

On the losing side, MTN Ghana (MTNGH) experienced the largest decline at -6.88% at GHC 2.98 per share, despite telecommunications typically being considered defensive stocks. This movement may reflect profit-taking after previous gains or sector-specific challenges.

AngloGold Ashanti (GLD) also faced pressure with a -6.09% decline at GHC 350.86 per share. Mining stocks can be sensitive to currency movements, and the stronger cedi may impact dollar-denominated revenue calculations.

Conclusion: Ghana’s Gains Are Real, But Must Be Sustained

Midway through 2025, Ghana’s economy is showing clear signs of upward momentum. A strong cedi, falling consumer prices, record mining income, and stock market growth point to more than just recovery , they reflect coordinated policy wins and rising investor trust.

However, economists warn that structural reforms, especially in energy, agriculture, and debt management , must follow to make the gains sustainable.

For now, both everyday Ghanaians and institutional investors are breathing a little easier, as the green shoots of growth start to take root.