Ghana’s continued adherence to the International Monetary Fund (IMF) programme remains central to its economic policy, Deloitte has indicated in its Macroeconomic Outlook.

According to the professional services firm, “commitment to programme is key to maintaining macroeconomic stability and investor confidence”.

It also pointed out that the Bank of Ghana may consider easing its monetary policy rate due to falling inflation.

Therefore, a potential interest rate reduction would help boost credit growth and private sector investment.

Sectoral Outlook

On the sectoral outlook, Deloitte said growth is expected to continue if the Agricultural sector is supported with irrigation systems and government extension programmes such as the “Feed Ghana Agenda”.

Despite the expected growth, it warned that the cocoa sub-sector is likely to face considerable production challenges from pests and diseases.

However, it pointed out that a high global cocoa price may help cushion the impact of low production output on export revenues.

For the Services sector, Deloitte said growth is expected to continue, driven by digitalisation and mobile financial services.

“The sector’s share of overall GDP [Gross Domestic Product] is likely to decline as the government pursues its economic transformation agenda, hinged on driving growth in the Industry and Agriculture sectors”, it added.

With regard to the Industry Sector, the report stated that global tensions, particularly in the Middle East, could disrupt oil supply chains, driving up domestic fuel prices and increasing transportation costs.

“The contraction in oil output highlights the urgency for economic diversification to mitigate exposure to commodity price shocks and production volatility”, it advised.

It also stated that the dynamic nature of the non-oil sector is paramount for Ghana's economic stability and is expected to remain the crucial driver of Ghana's economic growth, as well as vital to buffer against shocks.

Ghana's Targeted GDP

Ghana’s real GDP recorded a 5.3% growth, the fastest first-quarter growth since the first quarter of 2020, compared to 4.9% in Q1 2024 and 3.6% in Q4 2024.

The government has targeted a growth rate of 4.0% by the end of 2025.