Government Initiatives Key Drivers of Ghana’s Growth Outlook – Report
Deloitte has reiterated that ongoing government initiatives, including the 24-hour Economy Programme and the Accelerated Export Development Programme, are critical to unlocking Ghana’s economic potential and sustaining medium-term growth.
In its West Africa in Focus report, the professional services firm said the programmes are designed to create employment, improve the business environment, and enhance investment opportunities across key sectors of the economy.
It further noted that easing inflation, together with a potential further reduction in the Bank of Ghana’s monetary policy rate, is expected to provide additional support to real Gross Domestic Product (GDP) growth in the coming years.
Deloitte also pointed to the expansion of the Bibiani gold mine in Western Ghana as a positive development that is likely to boost export revenues and strengthen the external sector.
Growth outlook and risks
The firm projects Ghana’s economy to grow by 5.5% in 2025, 5.7% in 2026, and 6.0% in 2027, reflecting strong underlying momentum and a gradual reduction in the economy’s dependence on oil.
However, Deloitte cautioned that several downside risks could weigh on these projections. These include potential fluctuations in cocoa output due to climate-related shocks, the spread of the swollen shoot disease, smuggling, and volatility in global commodity prices.
It also warned that as global uncertainty moderates, gold may lose some of its safe-haven appeal, which could bring an end to the recent price rally in the commodity.
On inflation, Deloitte noted that Ghana recorded a 6.3% rate in November 2025, firmly placing the country within a single-digit inflation environment.
Nonetheless, the firm identified key risks to the inflation outlook, including possible increases in utility tariffs, such as electricity and water, as well as persistently high domestic food prices. A potential decline in gold prices could also exert pressure on the cedi and contribute to imported inflation.
Despite these risks, Deloitte maintained that tight monetary conditions and continued fiscal discipline should help mitigate inflationary pressures and preserve macroeconomic stability.
