Databank Maintains 4.5% 2025 Growth Forecast Despite Q2 Revision
Databank Research has maintained Ghana’s end-of-year real Gross Domestic Product (GDP) growth forecast at 4.5 per cent ± 100 basis points in its second half-year outlook.
The firm projects that increased infrastructure investment, particularly in roads, coupled with stable agricultural output and moderate expansion in services, will anchor growth for the year.
However, Databank revised its second-quarter 2025 growth estimate downward to 4.8 per cent from 5.6 per cent, citing seasonal effects on cocoa production and slower momentum in services.
This comes despite an anticipated rebound in industry, which is expected to grow by 4.9 per cent in Q2, up from 3.4 per cent in Q1, driven by strong gold exports and government spending on road infrastructure.
The services sector is projected to expand by 6.1 per cent in Q2, slightly above the 5.9 per cent recorded in Q1, supported by easing cost pressures, softer interest rates, and stability in the cedi.
Databank highlighted that digital transformation initiatives are likely to improve consumer spending, sustaining momentum in trade, information and communication, and financial services.
For agriculture, growth is expected to moderate sharply to 3.3 per cent in Q2 from 6.6 per cent in Q1, as seasonal cocoa shortfalls weigh on output.
Nonetheless, the outlook anticipates a rebound in Q3 on the back of improved food supplies and policy support under the Agriculture for Economic Transformation Agenda.
Ghana’s economy grew by 5.3 per cent year-on-year in the first quarter of 2025, up from 3.4 per cent in Q4 2024 and higher than the 4.9 per cent recorded in Q1 2024.
