Fitch Solutions projects Ghana’s inflation will ease to an average of 18.8% in 2025, down from 22.9% in 2024, driven by declining global oil prices and improved global food supplies.
It says lower fuel prices and moderated oil costs, will help reduce household spending pressures, supporting stronger consumer activity.
Additionally, the anticipated increase in global food supply, particularly rice and wheat will likely bring down food prices locally, while high gold prices are expected to strengthen the Bank of Ghana’s reserves, stabilising the cedi and limiting imported inflation.
These combined factors, Fitch notes, will support a 4.0% growth in private consumption, contributing 3.2 percentage points to Ghana’s overall economic growth in 2025.
Looking ahead, Fitch forecasts inflation will further decline to 15.2% in 2026. The expected conclusion of Ghana’s IMF Extended Credit Facility programme in May 2026 could lead to a shift towards a more expansionary fiscal stance, potentially boosting domestic demand, as seen after the 2019 IMF programme exit.
Fitch maintains a cautiously optimistic outlook for Ghana, expecting inflation relief to bolster household spending and fuel a steady economic recovery in the medium term.
