Events over the past month prompted us to cut our 2025 real GDP growth forecast by 0.3 ppt to 4.3% while keeping our 2026 estimate steady at 4.7%. Despite Ghana’s limited direct trade exposure to the US, the broader global uncertainty is expected to mildly dampen domestic activity by curbing trade flows and slowing private investment. Nevertheless, our outlook on Ghana’s economy remains relatively optimistic. Recent progress, such as reforms in the gold industry and the completion of the latest IMF review, suggests that the country is on a path of gradual economic improvement.
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