Ghana’s household spending is projected to rise by 2.5% year-on-year in 2025, hitting GH¢129.7 billion, according to Fitch Solutions. This marks an improvement from the 1.1% growth recorded in 2024 and is 25.4% higher than pre-pandemic spending levels in 2019.
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The increase is expected to come from lower inflation, a stronger cedi, and a more relaxed monetary policy from the Bank of Ghana.
Fitch also forecasts a 4.2% real GDP growth for 2025, reinforcing optimism for consumer activity. With reduced debt servicing costs and slower inflation, households are expected to spend more and engage in more transactions.
Despite a slow start to the year, February 2025 saw mobile money transactions drop below 700 million after a December peak of 745 million,Fitch remains confident in a rebound.
Transaction values also dipped slightly, staying at GH¢316 billion in February, matching November levels but trailing behind December 2024 and January 2025.
Fitch attributes the early-year dip to post-election uncertainty and reduced purchasing power after the festive season. However, the outlook for the rest of 2025 remains positive.
