Fitch Solutions has upgraded Ghana’s 2025 growth forecast to 4.9% from 4.2%, attributing the improvement to growing macroeconomic stability supported by declining inflation and a stronger cedi.
In its September 2025 Monthly Outlook, the UK-based research firm noted that Ghana’s economy is steadily recovering despite challenges such as fiscal tightening, high interest rates, and stagnant oil output.
The upgrade follows a 5.3% year-on-year GDP expansion in the first quarter, fueled mainly by robust agricultural growth. Fitch also anticipates growth to remain around 5.0% in 2026, supported by declining inflation, expected monetary easing, and higher public spending as Ghana’s IMF programme concludes.
According to the Ghana Statistical Service (GSS), growth slowed to 4.5% in July 2025, down from 8.3% in the same month last year, although agriculture continued to lead the way with an 8.0% expansion — a significant rebound from 2.4% in July 2024.
Fitch projects inflation to fall to 8.0% by the end of 2025, the lowest in four years, from 11.5% in August. A stable exchange rate and lower global energy prices are expected to strengthen consumer confidence and domestic demand.
This outlook is more optimistic than both the IMF’s 4.0% forecast and the government’s 4.4% target. Fitch’s revision reflects renewed investor confidence in Ghana’s economy, supported by stable prices, strong agricultural output, and credible policy management.
However, the firm warned that sustaining the recovery will require continued fiscal discipline, structural reforms, and exchange rate stability.
Source: myghanadaily
