Economic growth slows in the third quarter of 2025

GDP growth eases: Ghana's GDP increased 5.5% in annual terms in Q3, following a 6.5% expansion in the prior quarter and broadly in line with our panelists’ expectations of a deceleration. Q3’s reading was the lowest so far in 2025. On a seasonally adjusted quarter-on-quarter basis, GDP grew 1.3% in Q3, following a 1.4% expansion in the previous quarter.

Private spending and total investment remain key drivers: Compared to the previous quarter's data, readings in Q3 worsened for government consumption (-16.4% in annual terms vs -0.2% in Q2), total investment (+15.6% vs +17.1% in Q2) and exports of goods and services (+2.3% vs +9.1% in Q2). In contrast, readings picked up for private consumption (+16.9% vs +12.4% in Q2) amid a continued decline in inflation, which fell to a four-year low in Q3, and imports of goods and services (+27.9% vs +23.0% in Q2).

GDP growth to slow in 2026 amid weaker exports: Our panelists expect annual GDP growth to have cooled further in Q4 2025; still, overall GDP growth in 2025 should have remained close to its 2024 level. Looking ahead, GDP growth is expected to decelerate in 2026 from both 2025 and the prior-decade average but remain well above the Sub-Saharan Africa average. Strong domestic demand should underpin growth, while export growth is expected to more than halve from 2025’s projected level. However, higher production of gold and oil should limit the slowdown in exports, supported by the recent opening of the Cardinal Namdini and Ahafo North gold mines, the expansion of the Bibiani gold mine and new drilling campaigns at the Jubilee oilfield, with the Pecan oilfield also coming on stream.

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Ghanaian GDP projections for the next ten years from a panel of 17 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Ghanaian GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Ghanaian GDP projections.

Want to get access to the full dataset of Ghanaian GDP forecasts? Send an email to info@focus-economics.com.