Ghana’s real household spending will grow by an improved 2.5% year-on-year to GH¢129.7 billion in 2025, Fitch Solutions has disclosed.

This follows a weaker growth of 1.1% a year ago.

According to the UK-based firm, this will be 25.4% above the GH¢103.4 billion recorded in 2019 (pre-pandemic).

The major drivers of growth will be cooler inflation and greater cedi stability and strength over 2025, while also allowing for a dovish approach from the Bank of Ghana (BoG).

Insights Into Consumer Spending 

Fitch Solutions' forecast for continued strength in consumer spending growth in Ghana over 2025.

This is in line with its Country Risk team, which forecasts real Gross Domestic Product (GDP) growth of 4.2% year-on-year.

For households in Ghana, it pointed out that there will be key upsides.  Accordingly, the slower inflation over 2025 will further fuel spending growth and a greater number of transactions and will also see tailwinds from lower debt servicing costs.

2025 Consumer Activity Starts Slow

In February 2025, Fitch Solutions said the volume of mobile money transactions decline to under 700 million transactions, following a record high of 745.0 million transactions over December 2024.

Similarly, the value of transactions stood at GH¢316 billion over February 2025, identical to the November 2024 reading, though below the December 2024 and January 2025 levels.

The slowdown in consumer activity, it said, came in the wake of the presidential election at the back of 2024 as well as weaker purchasing power following the December festive season.

“To the upside, slower inflation over 2025 will further fuel spending growth and a greater number of transactions and will also see tailwinds from lower debt servicing costs”, it added.