Fitch Solutions revises Ghana’s GDP growth upwards from 4.2% to 4.9%
Fitch Solutions has revised Ghana’s real GDP growth forecast upwards from an initial 4.2% to 4.9%, citing stronger-than-expected performance in the first quarter of the year and improved macroeconomic fundamentals.
According to the UK-based research firm, the revision follows the release of data on Ghana’s economic outlook by the Ghana Statistical Service (GSS) on June 6, 2025.
The data showed Ghana’s real GDP growth accelerated from 3.6% year-on-year in the fourth quarter of 2024 to 5.3% in the first quarter of 2025, which is above Fitch’s previous expectation of 3.5% growth.
Fitch noted that the unexpected surge in Q1 growth was primarily driven by stronger agricultural output particularly in crop production and fishing as well as improved performance in the mining and quarrying sector.
“Despite persistent weakness in hydrocarbons, growth in the mining and quarrying industry was buoyed by rising momentum in gold production amid elevated global prices,” it stated.
It also highlighted an uptick in domestic trade as evidence of a gradual rebound in consumer spending, signaling growing economic activity across key sectors.
Looking ahead, Fitch projects that consumer spending will remain the key driver of economic growth for the rest of the year, supported by a significantly stronger Ghanaian cedi, easing inflationary pressures.
“The appreciation of the cedi by about 50% against the US dollar between April and May has positioned it as the world’s best-performing currency so far in 2025. This is as a result of rising gold prices, increased investor confidence, and improved foreign reserves,” Fitch noted.
The upward revision signals growing confidence in Ghana’s economic recovery, driven by commodity windfalls, macroeconomic stability, and improved fiscal and external sector indicators.
SP/VPO
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