Fitch Solutions maintains nearly 6% growth rate for Ghana in 2026, but expects economy to lose momentum in 2027
According to the UK-based firm, the Ghanaian economy has remained largely insulated from global developments over the past year, supported by elevated gold prices, low domestic inflation, and the transmission of the Bank of Ghana’s (BoG) 1,400 basis points easing cycle.
Fitch Solutions anticipates Ghana's economy to grow at nearly 6.0% in 2026, maintaining a high growth rate. However, the firm projects a slowdown in 2027, with GDP expansion falling to 4.7%. This projected deceleration is attributed to several factors, including a rise in inflation from 4.7% in 2026 to 11.3% in 2027. The increase in inflation is attributed to unfavorable base effects, rapid money supply growth, and higher global food prices due to El Niño.
Additionally, slower credit growth, resulting from the Bank of Ghana's resumption of monetary tightening, will further weigh on domestic demand. While the firm notes that a persistent inflationary environment will erode purchasing power and negatively affect private consumption and business activity in most Sub-Saharan African economies, it also highlights that a more robust environment for oil-exporting markets could temporarily boost growth prospects.
Elevated energy prices will continue to bolster export earnings and fiscal revenues for Ghana, with the oil trade deficit remaining minimal at 0.3% of GDP in Q2 2026.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
