Fitch Solutions has revised Ghana’s 2025 growth projection upward to 4.9% from 4.2%, reflecting improving macroeconomic stability supported by easing inflation and a relatively firm cedi.
In its September 2025 Monthly Outlook, UK-based research firm indicated that Ghana’s economy remains on a steady recovery path despite the drag from fiscal consolidation, high interest rates, and flat oil production.
The stronger outlook follows a robust first quarter performance, with GDP expanding by 5.3% year-on-year, driven largely by improved agricultural output.
Fitch expects growth to hold at around 5.0% in 2026, underpinned by falling inflation, anticipated monetary easing, and increased public expenditure as Ghana’s IMF-supported programme winds down.
Recent data from the Ghana Statistical Service (GSS) shows growth moderated to 4.5% in July 2025, compared to 8.3% during the same period last year.
Agriculture remained the top performer, expanding by 8.0%, a sharp rebound from 2.4% in July 2024.
The report also projects Inflation to decline to 8.0% by the end of 2025, down from 11.5% in August, marking the lowest rate in four years.
The combination of a stable currency and lower global energy prices is expected to boost consumer confidence and domestic demand.
Fitch’s latest forecast contrasts with the IMF’s growth projection of 4.0% for 2025 and the government’s 4.4% target set in the national budget.
The revision signals renewed investor optimism about Ghana’s economic prospects, anchored on improving price stability, resilient agriculture, and stronger policy credibility.
However, Fitch cautioned that sustaining the momentum will depend on fiscal restraint, continued structural reforms, and a stable exchange rate environment.
