Analysis by Region - Emerging Markets - Ghana
We expect broad-based improvements in Ghana’s economy over the medium term. Real GDP growth is projected to average 4.8% p.a. over 2024-2026. Meanwhile, inflation is forecast to ease steadily throughout 2025, dipping below 10.0% y/y by Q1 2026. The country’s external position should remain sustainable due to strong export growth, supported by rising gold, oil, and cocoa output. On the other hand, the fiscal deficit will remain wide, hovering between 4.0% of GDP and 4.5% of GDP over this period as external debt repayments resume.
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