Fitch Ratings said Ghana’s economy is expected to maintain solid momentum through 2027, forecasting average real GDP growth of about 5% as stronger gold production, easing inflation and improving consumer confidence support the country’s post-crisis recovery.
In its latest rating action commentary released on Friday, Fitch said Ghana’s medium-term growth outlook remains resilient despite lingering fiscal and debt service pressures, with macroeconomic stabilisation helping reinforce broader recovery prospects.
“We expect real GDP growth will remain solid through 2027 and average 5%,” Fitch said.
The ratings agency said the projected expansion would be driven primarily by “strong gold mining prospects, firmer consumer confidence enabled by a decline in inflation and borrowing costs, and a less restrictive fiscal policy stance.”
The forecast comes as Ghana continues to rebuild after a period of severe economic turbulence that triggered debt restructuring, high inflation and currency volatility.
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Fitch said declining inflation has become a central pillar of the recovery. Consumer price growth slowed to 3.2% year-on-year in March 2026, its lowest level since 1999, before inching up slightly to 3.4% in April.
The agency said easing inflation, together with lower borrowing costs, is expected to strengthen household spending and business activity, while improved policy conditions should provide additional support for expansion.
Gold is also expected to remain a major growth anchor, with Fitch pointing to strong mining prospects and sustained external demand as important contributors to economic resilience.
The outlook adds to broader signs of stabilisation in Ghana’s economy, following Fitch’s upgrade of the country’s sovereign rating to “B” from “B-”, citing falling debt, rising reserves and stronger fiscal management.
While Fitch expects growth to remain firm, it said the durability of Ghana’s recovery will depend on continued fiscal discipline, prudent monetary management and sustained external buffer accumulation.
