Ghana’s household spending set to reach GH¢129.7B in 2025 — Fitch
Ghana’s real household spending is projected to grow by 2.5 percent year-on-year to reach GH¢129.7 billion in 2025, according to a new forecast from UK-based research firm Fitch Solutions.
This anticipated growth marks a significant improvement from the 1.1 percent increase recorded in 2024 and places household spending 25.4% higher than the pre-pandemic level of GH¢103.4 billion in 2019.
Fitch Solutions attributes the positive outlook to expectations of cooler inflation and greater stability in the Ghanaian cedi throughout 2025. These factors, the firm notes, will support a more accommodative monetary policy stance from the Bank of Ghana and reduce pressure on household budgets.
The firm’s analysis aligns with projections by its Country Risk team, which forecasts Ghana’s real Gross Domestic Product (GDP) growth at 4.2 percent year-on-year in 2025.
“Slower inflation throughout 2025 will further fuel spending growth and increase the number of transactions,” Fitch stated, adding that lower debt servicing costs will also boost household purchasing power.
Consumer Spending Trends and Early 2025 Activity
Despite the optimistic full-year outlook, Fitch Solutions highlighted a slower start to consumer activity in early 2025. Mobile money transaction volumes fell below 700 million in February 2025, following a record high of 745 million in December 2024.
The value of mobile money transactions in February 2025 stood at GH¢316 billion—on par with November 2024 but below levels recorded in December 2024 and January 2025.
Fitch attributed the temporary slowdown in spending to the aftermath of the December 2024 presidential election and reduced consumer liquidity following the festive season.
Nonetheless, the firm expects a rebound in consumer activity as inflationary pressures ease and economic confidence improves throughout the year.
