The economy gained momentum in early 2025, with growth accelerating to 5.3% y/y in Q1 from 3.6% y/y in Q4 2024. The upturn was broad-based: agriculture rebounded strongly, industry activity expanded, and services growth remained solid. High-frequency data points to continued strength in Q2, with the PMI averaging 52.5 throughout the quarter as firms reported rising demand, lower price pressures, and sustained job creation. A stronger cedi and easing cost pressures are supporting real income growth and business confidence. While risks from global trade tensions and fiscal constraints persist, Ghana's economic growth outlook is improving, underpinned by stabilising macro fundamentals and resilient growth across key sectors. We now expect real GDP growth to average 4.7% this year, 0.4 ppt higher than our previous prediction.
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