Finance Minister Projects 4.4% Expansion in Economy by End-2025
Ghana’s economy is expected to expand by 4.4% in 2025, with non-oil GDP growth projected at 5.3%, as the government pursues policies aimed at stabilizing the macroeconomic environment and stimulating growth.
The projected GDP growth rate for 2025 is, however, lower than the 5.7% GDP growth rate recorded at the end of 2024.
Presenting the 2025 Budget to Parliament, Finance Minister Dr. Cassiel Ato Forson outlined key economic targets, emphasizing the government’s commitment to fiscal consolidation, revenue mobilization, and structural reforms.
“Mr. Speaker, in pursuit of the overarching macroeconomic objectives, the following macroeconomic targets have been set for the 2025 fiscal year: Overall Real GDP growth of at least 4.4 percent; Non-Oil Real GDP growth of at least 5.3 percent,” the Finance Minister stated.
The growth projections reflect a measured recovery following years of economic turbulence, including high inflation, fiscal pressures, and external debt vulnerabilities. Ghana’s economy expanded by 3.2% in 2023, weighed down by global economic headwinds and domestic fiscal constraints.
However, by 2024, growth had rebounded to 5.7%, bolstered by improving investor sentiment and a gradual easing of inflationary pressures.
Policy Priorities and Economic Outlook
The government’s 2025 growth strategy hinges on a mix of fiscal discipline, improved tax compliance, and strategic investments in agriculture, manufacturing, and services. These sectors are expected to drive productivity gains and enhance economic resilience.
Despite the optimistic outlook, risks remain. Ghana continues to grapple with high public debt, external financing constraints, and uncertainties in the global economy. Analysts warn that sustaining growth will require prudent economic management, structural reforms, and policy consistency.
Nonetheless, the projected expansion signals a shift toward greater macroeconomic stability, reinforcing the government’s bid to restore confidence in the country’s economic trajectory.
