Ghana’s GDP Growth Forecast Raised to 6.2% for 2025 on Strong Mining Outlook
Ghana’s economic growth is expected to accelerate to 6.2% in 2025, a marked upward revision from the earlier projection of 3.8%, driven by stronger-than-anticipated performance in the extractives sector, according to Standard Bank’s Economy 2025 report.
The new forecast significantly surpasses the government’s own 2025 growth target of 4.0%, underscoring renewed investor confidence in Ghana’s medium-term prospects amid stabilising macroeconomic conditions.
“Despite a poor performance from the cocoa sub-sector, the mining sector outperformed in 2024. We expect this trend to continue in 2025 following the commissioning of the Cardinal Namdini mine in Q4 2024, with Ahafo North also expected to commence production by mid-2025,” the report noted.
Combined, the two gold mines are expected to add an estimated 600,000 ounces to national output, which Standard Bank suggests could push GDP growth even higher than its revised core scenario.
The upbeat forecast comes on the back of provisional data from the Ghana Statistical Service (GSS), which showed the economy expanded by 5.3% year-on-year in the first quarter of 2025, up from 4.9% in the corresponding period of 2024.
More broadly, Standard Bank anticipates a modest rebound across Sub-Saharan Africa (SSA), projecting regional GDP growth of 4.0% in 2025 from an estimated 3.6% in 2024. The bank attributes this resilience to the structure of domestic economies, which are less exposed to global trade shocks and driven more by private consumption.
“Our assessment from the January 2024 African Markets Revealed (AMR) report that SSA growth would prove resilient amid fading global demand, seems to be materialising,” the bank stated. “Private consumption remains the dominant driver in most SSA markets, mitigating the impact of weaker external demand.”
Ghana’s improved growth outlook follows a year of fiscal consolidation and macroeconomic stabilisation under the IMF-backed programme, coupled with declining inflation and easing monetary policy, factors analysts say could bolster private sector activity and investor sentiment.
