Ghana’s growth outlook has dimmed slightly amid the US-Iran conflict, Fitch Solutions has revealed in its April 2026 Sub-Saharan Africa Monthly Outlook.

The UK-based firm has therefore revised its 2026 growth projection from 5.9% to 5.5%. This will be lower than the 6.0% recorded in 2025.

“We have nudged down our 2026 growth projection from 5.9% to 5.5% as stronger-than-expected price pressures have slightly softened the outlook for consumer spending”.

It, however, noted that the growth rate is significantly stronger than what was experienced during the 2022-2023 energy price shock following Russia’s invasion of Ukraine.

“While higher global fuel prices will apply some upward pressure to inflation, we still think this will remain lower in 2026 compared to recent years”, it explained.

It, however, expects the main transmission channel to be via fuel prices, with major oil marketing companies having hiked petrol and diesel pump tariffs by 10-15% in March 2026.

Meanwhile, it is projecting about 9% year-on-year inflation by the end of 2026.

According to the UK-based firm, price growth is likely to tick up.

Ghana's economy grew strongly in 2025 with real Gross Domestic Product (GDP) growth reaching 6.0%, a 0.2 percentage points increase over the previous year.

This was driven strongly by the services and non-oil sectors.

Growth was particularly strong in the first three quarters, with non-oil GDP surging by 7.5%, indicating broad-based economic recovery.

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Ghana's growth outlook dims slightly amid US-Iran conflict – Fitch Solutions

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