The International Monetary Fund’s Global Economic Outlook Report has projected a 4% growth rate for Ghana by the end of 2025.
The report was released on the sidelines of the Annual World Bank/IMF Spring Meetings in Washington DC, USA, on October 14, 2025.
Ghana’s economy expanded by 6.3% in the second quarter of 2025, driven mainly by the services sector, which grew by 9.9% and contributed the largest share to GDP.
The IMF’s outlook reflects Ghana’s ongoing economic reforms under the IMF programme, which are supporting recovery and fiscal stability.
The IMF forecast is, however, slightly lower than the World Bank’s 4.3% end-of-year projection for Ghana, as stated in the Africa Pulse Report released in October 2025.
Some analysts believe the IMF’s estimate suggests the Fund is less optimistic about Ghana’s short-term growth prospects compared to the World Bank.
The IMF projects an end-of-year inflation rate of 12% for 2025, marginally above the government’s 11.9% target in the national budget.
This contrasts with Ghana’s recent performance, where inflation dropped sharply to 9.4% in September 2025, down from 21.5% a year earlier.
The Fund’s outlook makes it the second major institution, after the World Bank, to express doubt about Ghana sustaining single-digit inflation by year-end.
The World Bank, in its October Africa Pulse Report, forecasted 15.4% inflation for Ghana in 2025.
Observers say these estimates are “interesting,” given that inflation has been declining steadily and could drop further — possibly to 7% in October 2025, according to local data trends.
Despite these external projections, the Bank of Ghana remains confident that inflation will stay within the single-digit range by December 2025.
The IMF expects further disinflation in 2026, with inflation dropping to 9.4%.
The IMF report also forecasts that global growth will slow from 3.3% in 2024 to 3.2% in 2025. Advanced economies are expected to expand by 1.5%, while emerging and developing countries — including Ghana — will grow by about 4%.
The projection is slightly below the 4.4% growth target set by the Government of Ghana in the 2025 national budget, however, the IMF expects Ghana’s economy to grow faster, at 4.8% in 2026.
