Skip to main content

Ghana’s growth rate to rise to 6.2% in 2025 – Standard Bank

 


Ghana’s growth rate is expected to rise to 6.2% in 2025 from its initial view of 3.8%, the Standard Bank Economy 2025 Report has revealed.

This is far higher than the 4.0% growth rate that the government projected in the 2025 Budget.

Despite a poor performance from the cocoa sub-sector, the mining sector outperformed in 2024. We expect this trend to continue in 2025 following the commissioning of the Cardinal Namdini mine in Q4:24 [quarter 4, 2024], and a new mine Ahafo North is also expected to commence production in mid-2025”, the report explained.

“The authorities expect these two mines to cumulatively contribute around 600k ounces to gold production. Hence, this development may also result in higher GDP [Gross Domestic Product] growth in 2025 than our current core scenario”.

Meanwhile, GDP growth in Sub-Saharan Africa is likely to recover to around 4.0% year-on-year in 2025, from an expected 3.6% year-on-year in 2024.

Our assessment, that SSA growth will likely prove resilient from the January 2024 AMR (African Markets Revealed) publication, amid sluggish global growth and fading external demand, seems to have transpired. We had emphasized back then that, since private consumption expenditure comprises a notably larger share of overall GDP, subdued external demand from weaker global growth wasn’t likely to majorly disrupt economic activity in many of the SSA markets in our coverage”, it added.

Ghana's economy expanded by 5.3 percent in first quarter-2025, up from 4.9% recorded in the same period of 2024, according to provisional figures released by the Ghana Statistical Service (GSS).

Labels:

Comments

Post a Comment

Popular posts from this blog

Fitch Solutions retains 2025 growth rate projection at 4.2%

 Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...
Post a Comment
Read more

BoG injects $20m into FX market to support 11 BDCs

  The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...
Post a Comment
Read more

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...
Post a Comment
Read more