Ghana Economic Rebound Tames Inflation, Cuts Debt, and Bolsters Currency Amid BRICS Pivot

Inflation, which stood at 23.8 percent in December 2024, fell to 8.0 percent by October 2025, marking its first return to single digits since 2021. The cedi has appreciated by approximately 32–37 percent against the US dollar, positioning it for one of the strongest currency rebounds in Africa. Furthermore, public debt has declined significantly, falling to GH₵ 612.96 billion. These improvements are attributed to tighter fiscal and monetary policies, increased external inflows from sources such as gold exports, and stronger investor confidence following debt restructuring.

Parallel to domestic reforms is a deliberate foreign policy shift towards the BRICS nations. Ghana is actively courting this bloc to secure alternative development financing and technical expertise, particularly in the areas of energy and agriculture, aiming to diversify its global economic partnerships.

Analysts frame this dual approach as a potential model for Africa, where long-term progress hinges on accountable governance and a decisive pivot from foreign aid to the strategic mobilization of domestic resources and human capital.

The preceding analysis draws on viewpoints expressed in an interview by African Currents with Zing Micah Yinpang Bavi, President of the NDC-Russia Proforum, and Ebenezer Yaw Wepari, President of the Association of Compatriots “Ghanaian Community” in Russia, who discussed Ghana’s economic developments, its strategic partnership with Russia, and the importance of reducing dependence on foreign currencies.

"I will say that so far the economic gains that Ghana have had so far is as a result of what? Good governance and discipline from the John Mahama-led administration [...]. We can see that there has been an improvement in our economic sphere as far as the country is concerned. And I will say that the main or big economic achievement so far is the stability or restoration of the macroeconomic indicators [...]. The economy of Ghana has taken a U-turn. When I say economic indicators, we talk about the currency, we talk about inflation, we talk about GDP, we talk about borrowing rate, we talk about even public debt, [...]. BRICS is an institution for the future. No doubt about that. BRICS is coming up [...] So, almost every country that is looking forward to the future sees that BRICS is the future and is working towards joining it. So, for me, I would want to see Ghana be a part of BRICS," Bavi said.

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