Ghana’s economy will not return to pre-pandemic average growth rate of 5.3% in 2025

Ghana's economy will not return to its pre-COVID-19 average growth rate of 5.3% in 2025, due to ongoing fiscal consolidation under the IMF-support program.

Fitch Solutions projects a GDP growth of 4.3% in 2024 after 2.9% in 2023. Economic growth is capped by tax base expansion, reduced public spending, and high import growth.

Despite accelerated growth to 4.7% in Q1 2023, private consumption remains strong, and inflation is expected to drop to 19.5% by year-end, easing household financial pressure.

Fixed investment is recovering, driven by infrastructure projects and potential oil sector investments, contributing 1.2 percentage points to overall growth.