The Bank of Ghana cut its benchmark monetary policy rate by 300 bps to 25% on July 30, citing sustained disinflation, robust growth, and stronger external buffers. Headline inflation fell to 13.7% in June, the lowest level since December 2021. Economic activity remained strong, with real GDP expanding 5.3% in Q1 2025 and non-oil GDP rising 6.8%, supported by solid gains in agriculture and services. The external sector continued to strengthen, with a provisional trade surplus of $5.6 billion and a current account surplus of $3.4 billion in the first half of 2025, both sharply higher than a year earlier. Gross international reserves rose to $11.1 billion by the end of June. The cedi appreciated 42.6% year-to-date against the US dollar. Despite a weakening global outlook, the central bank noted broadly anchored inflation expectations, improved external buffers, and growing domestic confidence, reaffirming its commitment to supporting the recovery without undermining recent gains.