• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Fitch Solutions Upgrades Ghana’s 2025 Growth Forecast to 4.9% on Strong Q1 Performance and Cedi Appreciation

1 month ago
in Business, Economy, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
63
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

Fitch Solutions Upgrades Ghana’s 2025 Growth Forecast to 4.9% on Strong Q1 Performance and Cedi Appreciation

Fitch Solutions has revised upwards its 2025 real GDP growth forecast for Ghana from an initial 4.2% to 4.9%, citing stronger-than-expected performance in the first quarter of the year and improved macroeconomic fundamentals.

According to the UK-based research and risk advisory firm, the revision follows the release of robust economic data by the Ghana Statistical Service on June 6, 2025. The data showed Ghana’s real GDP growth accelerated from 3.6% year-on-year in the fourth quarter of 2024 to 5.3% in the first quarter of 2025—well above Fitch’s previous expectation of 3.5% growth.

Agriculture and Mining Lead Q1 Growth Surge

Fitch noted that the unexpected surge in Q1 growth was primarily driven by stronger agricultural output—particularly in crop production and fishing—as well as improved performance in the mining and quarrying sector.

“Despite persistent weakness in hydrocarbons, growth in the mining and quarrying industry was buoyed by rising momentum in gold production amid elevated global prices,” the firm stated.

It also highlighted an uptick in domestic trade as evidence of a gradual rebound in consumer spending, signalling growing economic activity across key sectors.

Consumer Demand and Stronger Cedi to Sustain Momentum

Looking ahead, Fitch Solutions projects that consumer spending will remain the key driver of economic growth for the rest of the year, supported by a significantly stronger Ghanaian cedi and easing inflationary pressures.

“The appreciation of the cedi—by about 50% against the US dollar between April and May—has positioned it as the world’s best-performing currency so far in 2025,” Fitch noted, attributing the currency’s rally to rising gold prices, increased investor confidence, and improved foreign reserves.

The firm forecasts average gold prices to hit a record US$3,100 per ounce in 2025, nearly 30% higher than in 2024, amid heightened geopolitical tensions and increased global central bank purchases. Ghana, as Africa’s leading gold producer, has already seen its gross international reserves climb to nearly US$7.9 billion as of April 2025.

Inflation to Decline on Back of Currency Gains

Fitch believes the cedi’s appreciation will help ease import-driven inflation, especially given Ghana’s reliance on foreign markets for key consumer goods such as fuel, rice, vehicles, and pharmaceuticals.

“With the local currency gaining strength and global commodity prices stabilising, we expect inflation to moderate in the coming months, further supporting household consumption and overall growth,” the firm concluded.

The upward revision signals growing confidence in Ghana’s economic recovery, driven by commodity windfalls, macroeconomic stability, and improved fiscal and external sector indicators.

Tags: Cedi appreciationFitch SolutionsFitch Solutions Upgrades Ghana’s 2025 Growth Forecast to 4.9% on Strong Q1 Performance and Cedi Appreciation

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.