Ghana’s growth rate is expected to rise to 6.2% in 2025 from its initial view of 3.8%, the Standard Bank Economy 2025 Report has revealed.
This is far higher than the 4.0% growth rate that the government projected in the 2025 Budget.
“Despite a poor performance from the cocoa sub-sector, the mining sector outperformed in 2024. We expect this trend to continue in 2025 following the commissioning of the Cardinal Namdini mine in Q4:24 [quarter 4, 2024], and a new mine Ahafo North is also expected to commence production in mid-2025”, the report explained.
“The authorities expect these two mines to cumulatively contribute around 600k ounces to gold production. Hence, this development may also result in higher GDP [Gross Domestic Product] growth in 2025 than our current core scenario”.
Meanwhile, GDP growth in Sub-Saharan Africa is likely to recover to around 4.0% year-on-year in 2025, from an expected 3.6% year-on-year in 2024.
“Our assessment, that SSA growth will likely prove resilient from the January 2024 AMR (African Markets Revealed) publication, amid sluggish global growth and fading external demand, seems to have transpired. We had emphasized back then that, since private consumption expenditure comprises a notably larger share of overall GDP, subdued external demand from weaker global growth wasn’t likely to majorly disrupt economic activity in many of the SSA markets in our coverage”, it added.
Ghana’s economy expanded by 5.3 percent in first quarter-2025, up from 4.9% recorded in the same period of 2024, according to provisional figures released by the Ghana Statistical Service (GSS).
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