Fitch forecasts 4.7% growth for Ghana in 2027
By the AFREEQUE newsroom, based on MyJoyOnline
Fitch Solutions is maintaining its forecast of 5.9% growth for Ghana in 2026, but expects a slowdown to 4.7% in 2027. The UK firm also forecasts an increase in average annual inflation, from 4.7% to 11.3%, driven partly by money-supply growth and higher food prices, according to its projections.
Fitch Solutions expects Ghana’s gross domestic product growth to slow to 4.7% in 2027, from 5.9% in 2026, according to projections reported by MyJoyOnline. The firm is nevertheless maintaining its forecast of growth close to 6% this year.
Fitch Solutions anticipates an increase in average annual inflation, from 4.7% in 2026 to 11.3% in 2027. The firm attributes this change to base effects, rapid growth in the money supply and higher global food prices linked to El Niño. Expected monetary tightening by the Bank of Ghana and slower credit growth would also weigh on domestic demand.
The firm forecasts that the current-account surplus will reach 5.3% of GDP in 2027, supported by gold prices remaining high, at around 4,200 dollars an ounce. It estimates that this surplus would help support Ghana’s reserves and limit exchange-rate depreciation. In the second quarter of 2026, the oil trade deficit stood at 0.3% of GDP, despite higher energy prices.
Fitch Solutions believes that persistent inflation in sub-Saharan Africa could reduce purchasing power and curb private consumption and business activity. For oil-exporting countries, however, high energy prices would support export earnings and government revenues.
