Ghana’s economy is projected to have expanded by 5.7% ± 0.5 percentage points in 2025.
This will be higher than the International Monetary Fund forecast of 4.0% real Gross Domestic Product (GDP) growth and 4.3% by the World Bank.
According to IC Research, a leading market research firm, festivities-related spending in quarter 4, 2025, boosted household and private sector consumption, supporting trades, manufacturing, transport, and Information Communication and Technology, while crops remain resilient.
We, however, expect construction growth to remain normalised below the double-digit expansion posted in the final quarter of 2024, although we see prospects for recovery above the momentum in 3Q2025 [third quarter of 2025]”, it added
It continued that recovering household spending, driven by stable prices and a softer Value Added Tax (VAT) regime in 2026, will support sales revenue and gross margin, highlighting “Effective distribution networks and efficient management of stock keeping unit will retain customer base and structurally support the topline momentum. We think the main investment thesis rest on capital growth than attractive income generation capacity”.
Ghana’s overall real GDP grew by 5.5% year-on-year in the 3rd quarter of 2025, easing from 7.0% last year. However, underlying activity remained firm with non-oil growth at 6.8%.
The overall slowdown largely reflected weaker extractives and a sharp post-election contraction in government consumption, while households and agriculture continued to support growth.
Generally, core domestic sectors remain resilient, although fiscal tightening tempered the headline pace.
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