Ghana’s economy is on track to rebound with a projected growth of 5.1% in 2025, according to Deloitte’s latest West Africa in Focus report.
This growth, up from an estimated 4.9% in 2024.
“Ghana is slowly retracing its steps back to a path of macroeconomic stability,” the report noted, emphasizing that the government’s debt sustainability initiatives, a more stable local currency, and declining inflation will fuel economic progress.
The report also highlighted that easing inflation will pave the way for additional interest rate cuts, leading to lower borrowing costs.
“This should drive increased private consumption and investment spending, boosting economic growth,” Deloitte added.
Ghana’s key export sectors—gold and cocoa—are expected to lead the charge.
Gold production is forecast to grow by 3%, reaching 136 tonnes in 2025, up from 132 tonnes in 2024 and 128 tonnes in 2023.
This increase will be driven by a $525 million production expansion at Asante Gold’s Bibiani and Chirano mines, as well as the start of operations at the Ahafo North gold mine.
Higher global gold prices, spurred by accommodative monetary policies in developed economies, will further enhance revenue.
“Safe haven assets like gold are more attractive in a declining interest rate environment,” the report explained.
The cocoa sector, another pillar of Ghana’s economy, is also expected to see modest growth, contributing to the overall expansion and reinforcing Ghana’s position as a leading exporter.
As Ghana advances toward fiscal recovery, the optimistic projections for 2025 underscore the potential for sustained economic growth powered by strategic investments in its natural resources.
“Ghana’s cocoa exports on the other hand, the country’s second largest export, will continue to face challenges stemming from the spread of the swollen shoot virus, adverse weather conditions, smuggling and global commodity price volatility. Ghana is projected to produce 527,000 tonnes in the 2025/2026 season, higher than the 2024/2025 season estimate of 500,000 tonnes.”
