Ghana’s real household spending is expected to grow by 2.5% year-on-year to GH¢129.7 billion in 2025, according to a new forecast by Fitch Solutions. This marks a notable improvement from the 1.1% growth recorded in 2024.
The projected 2025 figure is 25.4% higher than the GH¢103.4 billion recorded in 2019, prior to the COVID-19 pandemic.
Fitch Solutions attributes the expected growth to cooler inflation, greater stability of the Ghanaian cedi, and a likely dovish monetary policy stance by the Bank of Ghana.
Insights Into Consumer Spending
The firm maintains a positive outlook for consumer spending in 2025, aligning with its Country Risk team’s forecast of a 4.2% year-on-year real GDP growth for Ghana.
It noted that households are likely to benefit from reduced inflation and lower debt servicing costs, which will in turn boost disposable income and increase spending. “Slower inflation over 2025 will further fuel spending growth and a greater number of transactions,” the report stated.
Sluggish Start to 2025
Despite the optimistic outlook, the year began with a slowdown in consumer activity. Fitch Solutions observed that the volume of mobile money transactions fell to under 700 million in February 2025, after hitting a record 745 million in December 2024.
Similarly, the value of mobile money transactions in February 2025 was GH¢316 billion—unchanged from November 2024, but lower than the figures recorded in December 2024 and January 2025.
Fitch attributed the early-year dip to post-election uncertainty and weaker purchasing power following the festive season.
Nonetheless, it expressed confidence that spending activity will pick up pace as inflation eases and household confidence improves over the course of the year.
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