Ghana’s economy surged by 5.3% in the first quarter of 2025, its strongest Q1 growth since 2020, according to Deloitte’s latest GDP Bulletin. In real terms, the economy recorded a 1.4% expansion, marking the highest quarterly performance in the past five years.
The growth momentum was largely driven by a robust performance in the fishing sector, which grew by 16.4%, followed by the information and communication sector at 13.1%, and financial and insurance activities at 9.3%.
Deloitte noted that the services sector remained the economy’s anchor, contributing 46.8% of GDP, ahead of industry at 29.7% and agriculture at 23.5%. Major drivers of the GDP growth included crops (1.15%), gold (1.11%), and the information and communication sub-sector (0.84%).
“Ghana’s macroeconomic indicators in Q1 2025 reflect the early signs of recovery underpinned by fiscal discipline, sectoral reforms, and policy clarity,” Deloitte stated.
The mining sector, a critical source of government revenue and forex, also recorded a modest 1.4% expansion, contributing 0.17% to overall GDP.
The report attributed the economic rebound to recent government policy interventions, including the abolishment of the Electronic Transfer Levy (E-Levy) and structural reforms within the cocoa and energy sectors.
However, Deloitte warned of looming downside risks, such as inflationary pressures, forex volatility, and climatic shocks that could undermine productivity, especially in agriculture and its value chains.
Looking ahead, Deloitte projects Ghana’s economy to grow by approximately 4% in 2025, driven by ongoing digitalisation efforts, continued adherence to the IMF-supported programme, and improvements in revenue administration.
The report underscored that sustaining macroeconomic stability and maintaining the momentum of reforms will be critical to achieving this projected growth trajectory.
