Fitch Solutions revises Ghana’s GDP target
Through its subsidiary, BMI – a British multinational research firm Fitch Solutions has kept Ghana’s Gross Domestic Product (GDP) growth for 2025 at 4.2 per cent.
The moderate economic growth is marginally higher than the four per cent projection the Government announced in the 2025 Budget and by the International Monetary Fund’s (IMF) April 2025 Regional Economic Outlook.
“We maintain our 2025 growth forecast for Ghana at 4.2 per cent. We believe that the impact from global trade tensions will be offset by the rise in gold prices, which will boost Ghana’s export earnings,” it said in its Ghana Country Risk Report.
The report noted that counterbalance in gold prices, combined with lower energy costs, would drive the current account surplus to a record 6.9 per cent of GDP in 2025, supporting the country’s reserves and helping to stabilise the cedi.
“That said, we maintain our view that growth will slow in 2025, following the strong 5.7 per cent in 2024, caused by the end of election-related fiscal stimulus, plateauing oil production, and tight credit conditions,” Fitch stated.
“Our hope for the future is that as the economy stabilizes, as inflation goes down, as the deficit moves back on track with the program objectives, that it will strengthen confidence,” said Mr Stéphane Roudet, IMF Mission Chief for Ghana.
He said this during a roundtable media engagement with Ghanaian journalists on the sidelines of the just-ended IMF/World Bank Group (WBG) spring meetings in Washington, DC, USA.
“… It will also bolster investment and the role of the private sector, and not just in one sector, but our hope is very much that this is going to be the case across the board,” Roudet said.
He urged the government to strictly adhere to the planned targets of the implementation of the US$3 billion Extended Credit Facility (ECF) programme, aimed at restoring macroeconomic stability and debt sustainability and stimulating economic resilience.
“This is very important. It’s not just today, but it’s in the next few years. Programme commitments have to be continued to be implemented,” the IMF Mission Staff echoed.
“We remain steadfast in meeting the IMF programme targets while restoring Ghana’s creditworthiness,” Dr Cassiel Ato Baah Forson, Finance Minister, said when he delivered the 2025 budget earlier this year.
He said the Government would implement a 24-hour economy policy to address the country’s structural economic challenges and stimulate growth and job creation.
Dr Forson said that would be done by creating an integrated, efficient and increasingly export-driven industrial economy that fully utilised its national resources, capital and labour power.
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