Ghana’s real household spending is projected to increase by 2.5% year-on-year, reaching GH¢129.7 billion in 2025, according to a report by Fitch Solutions.
This marks an improvement from the 1.1% growth recorded in 2024.
The UK-based firm highlighted that this figure would be 25.4% higher than the GH¢103.4 billion recorded in 2019, before the pandemic.
According to Fitch Solutions, the primary factors driving this growth include cooler inflation rates, greater stability of the Ghanaian cedi, and a dovish approach from the Bank of Ghana (BoG) in managing economic policies.
The firm’s projection aligns with its Country Risk team, which has forecast a 4.2% real GDP growth for Ghana in 2025.
For Ghanaian households, the report pointed to several key advantages, particularly the slower inflation rate in 2025, which is expected to fuel spending growth and increase the number of financial transactions.
Additionally, lower debt servicing costs will provide financial relief for many families.
Despite the optimistic forecast, consumer activity began on a slower note in early 2025.
Fitch Solutions reported that mobile money transactions declined to below 700 million in February, following a record high of 745 million transactions in December 2024.
Similarly, the total transaction value in February 2025 stood at GH¢316 billion, matching November 2024 figures but remaining lower than December 2024 and January 2025 levels.
The slowdown, according to the report, was linked to the aftermath of the December 2024 presidential elections and weaker purchasing power after the festive season.
However, Fitch Solutions remains optimistic about the year ahead. “To the upside, slower inflation over 2025 will further fuel spending growth and a greater number of transactions and will also see tailwinds from lower debt servicing costs,” the report stated.
With inflation easing and economic indicators showing steady improvement, Ghanaian consumers are expected to experience stronger purchasing power and increased financial stability in the coming months
