Ghana’s economic outlook for 2026 has softened slightly, according to Fitch Solutions’ April 2026 Sub-Saharan Africa Monthly Outlook, as global tensions particularly the US-Iran conflict begin to weigh on momentum.
The UK-based firm has revised its 2026 growth forecast down from 5.9% to 5.5%, a modest dip that would place it below the 6.0% growth recorded in 2025.
“We have nudged down our 2026 growth projection from 5.9% to 5.5% as stronger-than-expected price pressures have slightly softened the outlook for consumer spending”.
Despite the downgrade, the report highlights that Ghana’s projected growth remains stronger than during the difficult 2022–2023 period marked by the global energy price shock following Russia’s invasion of Ukraine.
“While higher global fuel prices will apply some upward pressure to inflation, we still think this will remain lower in 2026 compared to recent years”, it explained.
Fuel costs are expected to be the main channel through which global pressures affect the economy, especially after major oil marketing companies increased petrol and diesel prices by 10–15% in March 2026.
Fitch Solutions projects inflation to reach around 9% year-on-year by the end of 2026, noting that price growth could edge upward in the months ahead.
Even so, Ghana’s recent performance provides some optimism.
The economy expanded strongly in 2025, with real GDP growth hitting 6.0%, slightly higher than the previous year.
This growth was largely driven by the services sector and non-oil industries.
The first three quarters of 2025 were particularly robust, with non-oil GDP rising by 7.5%, signaling a broad and steady recovery across key sectors of the economy.
