Ghana's economic growth outlook for 2022 is deteriorating as inflation increases. This is revealed by Fitch Solutions' economic analysis, which lowers the forecasts for real GDP growth in 2022 from 4.2% to 2.6%, reflecting the weak performance in Q122.

The analysis draws three main conclusions about Ghana's economic growth. First, consumer activity will remain subdued during the rest of 2022 due to high inflation and real public wage losses, which will erode purchasing power and weigh on consumer confidence.

Second, the outlook for gross fixed capital formation in Ghana remains low, with PMI readings in negative territory since February. Finally, in 2023, Fitch Solutions estimates that growth will accelerate to 4.9%, pending that authorities will seek a new financial package from the IMF that would restore market confidence and support investment flows.