Ghana’s real household expenditure is expected to grow by 2.5% year-on-year in 2025, following a modest 1.1% increase in 2024.
According to Fitch Solutions, this rise will push total household spending to GH¢129.7 billion—a 25.4% increase from the GH¢103.4 billion recorded in 2019 before the pandemic.
The UK-based research firm attributed the projected expansion to easing inflation and improved cedi stability in 2025, creating room for a more accommodative monetary stance from the Bank of Ghana (BoG).
We will see an improvement in Ghanaian household spending over 2025, as households rally from elevated inflation and cedi weakness. Following the presidential elections in December 2024, consumer activity is already beginning to rebound, and with cooler levels of price growth, greater cedi stability, and a dovish approach from the Bank of Ghana, households will see a marked uptick in purchasing power and will support a rebound in both essential and discretionary segments,” Fitch Solutions stated.
In December 2024, mobile money transaction volumes hit an all-time high of GH¢745.0 million, up from GH¢678.8 million in July 2024. This surge highlights increasing consumer activity, particularly following the December 2024 presidential elections.
While inflation remains a key driver of the growth of the value of mobile money transactions, the rate of growth is considerably above the level of inflation and is therefore pointing to a consumer recovery story, which is reflecting in strong spending growth figures over H2 [second half] 2024 and into 2025,” Fitch Solutions noted.
The firm concluded that lower inflation in 2025 will further stimulate spending and transaction volumes while also benefiting from reduced debt servicing costs.
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