Ghana’s economic growth rate slowed to 3.6% year-over-year (y/y) in Q4 2024, resulting in a still-impressive expansion of 5.8% for the year. Although high-frequency data released in Q1 2025 suggests that price pressures remain a key drag on private sector activity, we believe prospects of price stability have improved: the cedi has been relatively stable since February, trading between GHȼ15.30/$ and GHȼ15.50/$ and consumer price inflation fell to a five-month low in March. Meanwhile, Ghana's central bank has reiterated its commitment to lowering price pressures, announcing a surprise 100-bps increase in its policy rate last month. Higher borrowing costs may weigh on private sector credit extension and, subsequently, on private sector activity.
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