Fitch Solutions Predicts Strong Growth for Ghana’s Economy in 2026

Fitch Solutions has projected robust economic growth for Ghana in 2026, predicting that the country will outperform many of its emerging-market peers.

The UK-based research firm attributes the positive outlook to Ghana’s solid macroeconomic performance in 2025 and expects momentum to continue into next year.

Speaking at the 2026 PwC post-budget forum in Accra on Wednesday, November 19, 2025, Mike Kruiniger, Assistant Director at Fitch Solutions, described Ghana’s growth trajectory as “particularly impressive.”

“We see the 2026 budget as broadly supportive of growth, and this aligns with our forecast that Ghana’s real GDP growth will rise from 5.8% in 2025 to 5.9% in 2026. Continued strong performance will be driven by private consumption and a recovery in fixed investment following the sharp contraction in 2023,” Kruiniger stated.

He added that in the medium term, growth is expected to remain healthy at around 5%, supported by expanding domestic demand. Ghana is projected to surpass several emerging markets next year, including China, Indonesia, and Kenya.

However, Kruiniger cautioned that escalating Islamist insurgencies in the Sahel region pose potential risks to Ghana’s economic outlook.

He noted that instability in the region could affect Ghana’s investment climate, fiscal stability, and broader macroeconomic performance, potentially requiring increased military spending.

“Ghana has so far been relatively shielded compared to other coastal West African states. Strong state control in the north and the geography have helped, but the risks are rising as Islamist groups gain ground in Mali. The government may need to increase military spending if threats escalate,” he explained.

Despite these risks, Fitch Solutions’ base case assumes that Ghana will largely remain insulated from major attacks, allowing the country to sustain its strong economic growth trajectory into 2026.