Ghana’s economy is showing signs of resilience and revival, with leading global professional services firm Deloitte projecting that the country is well on course to achieve its 2025 Gross Domestic Product (GDP) growth target of 4.0%.
This optimism is largely anchored on early growth numbers for the year, the role of the private sector, and transformative policy interventions—most notably, the government’s 24-Hour Economy Programme.
Ghana recorded an impressive 5.3% GDP growth in the first quarter of 2025, outpacing both the 4.9% growth recorded during the same period in 2024 and the government’s full-year target of 4.0%. This remarkable performance, according to Deloitte, signals a strong start to the year and points to the likelihood that the country will meet or even exceed its 2025 growth target.
In its latest economic commentary, Deloitte stated that the Q1 growth was significantly bolstered by the Industry sector, which expanded by 6.8%. This performance, despite headwinds from the Oil and Gas sub-sector, showcases the impact of ongoing investments and strategic sectoral focus by the government.
“The early signs are encouraging. What we are seeing is that policies aimed at stimulating industrial activity and enhancing productivity are starting to pay off.”
24-Hour Economy as a Game-Changer:
One of the standout initiatives garnering attention is the 24-Hour Economy Programme, designed to create a conducive environment for businesses to operate around the clock. The initiative aims to improve productivity, expand job opportunities, and drive economic activity beyond conventional working hours. According to Deloitte, such a bold policy framework could be instrumental in ensuring sustainable and inclusive economic growth.
“By enabling businesses to run three shifts instead of one, the 24-Hour Economy has the potential to reduce unemployment, raise output, and increase national income,” Deloitte noted, emphasizing that the success of the programme hinges on reliable infrastructure, efficient public services, and strong private sector participation.
The real sector’s contribution to the Q1 growth further underpins Ghana’s growth trajectory. Agriculture, for instance, accounted for 23.5% of GDP at basic prices in the first quarter of 2025—a notable increase from 22.1% in the same period in 2024. This points to increased productivity in farming and agro-processing activities, likely bolstered by improved rural infrastructure and policy support.
Industry, per Delloitte’s assessment, also registered a strong showing, contributing 29.7% to GDP despite a 22.1% contraction in the Oil and Gas sub-sector. The modest increase from 29.6% in Q1 2024 suggests that the non-oil segments within Industry—such as manufacturing and construction—are gaining traction. Meanwhile, the Services sector remained the largest contributor to GDP at 46.8%, though this marked a slight decline from 48.3% in the previous year.
Deloitte identified several high-performing sub-sectors that are propelling non-oil GDP growth: Fishing (16.4%), Information & Communication (13.1%), Financial & Insurance Activities (9.3%), Transport & Storage (8.6%), and Health & Social Work (7.3%). These sectors collectively indicate a diversifying economy with emerging areas of strength.
Private Sector as an Enabler:
Deloitte also highlighted the vital role of the private sector in realizing the 2025 growth agenda. Policies like the 24-Hour Economy must be supported by a dynamic, responsive, and innovative private sector that is willing to invest and expand operations. The firm urged policymakers to strengthen public-private partnerships, address bottlenecks in business operations, and enhance access to finance for small and medium enterprises (SMEs).
“The alignment between government policy and private sector action will be the real engine of sustainable growth,” Deloitte advised, while recommending that government continues to monitor global economic headwinds, including inflationary pressures and currency volatility, which could affect investor confidence and macroeconomic stability.
While challenges remain, Deloitte’s analysis paints a largely positive outlook for Ghana’s economic trajectory in 2025. With structural reforms taking hold and ambitious programmes like the 24-Hour Economy gaining ground, the government’s 4.0% GDP growth target appears increasingly attainable.
As the year unfolds, Ghana’s ability to sustain this momentum will depend on strategic investments, efficient execution of policy, and collaboration between the public and private sectors. If these align, Deloitte believes Ghana may not only meet its 2025 GDP target but also set the foundation for more inclusive and accelerated economic growth in the years ahead.
By Leo Nelson