According to the IMF, Ghana is expected to experience a 4 percent growth rate by the end of 2025. The updated prediction was included in the IMF’s April 2025 Regional Economic Outlook Report. It was published during the IMF/World Bank Spring Meetings in Washington, D.C.
The anticipated 4 percent expansion is consistent with the number disclosed by Finance Minister Dr. Ato Forson in his March presentation of the 2025 Budget. The IMF predicts that Ghana’s economy will experience a 4.8 percent growth in 2026. It seems unlikely that the 2025 inflation target will be met.
According to the IMF, the inflation rate for 2025 is predicted to reach 17.5 percent by the end of the year, which exceeds the government’s desired target of 11.9 percent outlined in the national budget. It appears that meeting the inflation target for the year may prove difficult for the government.
Despite ongoing challenges, the IMF maintains a positive outlook and predicts a significant drop in inflation to 9.4 percent by the end of 2026. This would bring Ghana one step closer to achieving its longstanding goal of single-digit inflation.
The ratio of debt to GDP is expected to increase before eventually decreasing. As of December 2024, Ghana’s overall public debt reached GHS 726.7 billion, equivalent to 61.8 percent of the country’s GDP.
Per the IMF’s report on the Regional Economic Outlook, there is a projected increase in the debt-to-GDP ratio, reaching 66.4 percent by the conclusion of 2025, followed by a gradual decrease to 62.7 percent in 2026.
The goal of the IMF program is to decrease the rate to 55 percent by the end of 2028. Stéphane Roudet is the head of the IMF Mission to Ghana. He expressed confidence during an interview with Joy Business at the Spring Meetings. He is confident that all key benchmarks, including the 2028 debt target, can be achieved by Ghana. This is possible as long as Ghana remains dedicated to meeting program requirements.
The status of foreign reserves and the trading forecast.
According to the IMF, Ghana’s import cover is expected to increase to 3.6 months by the end of both 2025 and 2026. Furthermore, the report stated that the U.S. receives approximately 1 percent of Ghana’s total GDP through exports.
