Ghana's Real Household Spending to Hit Gh¢129.7bn in 2025 - Fitch Solutions

Ghana's real household spending is set to grow by 2.5% in 2025. This will reach GH¢129.7 billion, according to Fitch Solutions.

Last year, growth was weaker at just 1.1%. The new figure is 25.4% higher than the GH¢103.4 billion recorded in 2019, before the pandemic.

Fitch Solutions attributes this growth to lower inflation and a stronger cedi in 2025. They also expect a more relaxed approach from the Bank of Ghana.

The Country Risk team forecasts real GDP growth of 4.2% year-on-year.

For households, there are positive signs ahead. Slower inflation will boost spending and increase transactions. Lower debt servicing costs will also help.

In February 2025, mobile money transactions are expected to drop below 700 million. This follows a record high of 745 million in December 2024.

The value of these transactions will be GH¢316 billion in February 2025. This matches the November 2024 level but is lower than December and January figures.

The slowdown in consumer activity is linked to the presidential election at the end of 2024. Weaker purchasing power after the festive season also contributed to this decline.

Overall, slower inflation should encourage spending growth and increase transaction numbers moving forward.