Ghana: Economic growth accelerates in the fourth quarter of 2025
Ghana’s GDP growth accelerates in Q4 2025: The first release of GDP by expenditure confirmed that Ghana’s economy expanded 5.8% in annual terms in Q4, following 5.3% growth in the prior quarter. Full-year GDP growth hit a six-year high of 6.0% in 2025 (2024: +5.8%).
On a seasonally adjusted quarter-on-quarter basis, GDP increased 1.5% in Q4, following a 1.3% expansion in the previous quarter.
Public spending and a rebound in exports lift growth: Compared to the previous period’s data, figures in Q4 improved for government consumption (+7.0% on a year-on-year basis vs +1.0% in Q3), exports of goods and services (+19.5% vs -2.6% in Q3) and imports of goods and services (+29.4% vs +21.1% in Q3). In contrast, readings softened for private consumption (+9.2% vs +13.5% in Q3) and total investment (+2.6% vs +10.3% in Q3).
Weaker growth is seen ahead: Our Consensus is for annual GDP growth to have slowed to an over one-year low in Q1 2026. In 2026 overall, the Ghanaian economy is seen expanding at the weakest pace in three years; growth in private spending and exports is set to ease, the latter due to the hit to cocoa shipments from sluggish global demand for chocolate and liquidity crunches among domestic producers. Still, public spending should rebound as the IMF program comes to an end and budget revenues receive a boost from both higher global prices and increased royalties for gold and lithium. Higher-for-longer energy prices stoking inflation are a downside risk.