Despite an economic expansion of 3.8 percent in October 2025, the Government Statistician, Dr. Alhassan Iddrisu, has warned that underlying risks in key sectors could limit Ghana’s growth potential. While headline figures suggest a recovering economy, he says stabilisation of inflation, foreign exchange, and energy supply is crucial for sustained progress.

Dr. Iddrisu emphasises that predictable economic conditions are essential to attract businesses and investment. Unchecked inflation or volatile currency markets, he notes, could undermine confidence and stall production, regardless of headline growth numbers.

“If you want to grow your economy, you need stabilisation. And when we say economic stabilisation, we are talking about tolerable levels of the key economic indicators in the four sectors of the economy. So, for example, price, which is inflation.

“There’s no way you’ll be able to grow your economy if you are in an environment of hyperinflation, or inflation that you cannot predict. Today it is 20, tomorrow it is 25, it is 35,” he explained.

He stressed that “You will not be able to attract businesses to come and invest in the country to produce goods and services that increase GDP. So you need to watch the inflation movement. But you also have to watch the FX movement. Because FX movement, when stable and predictable, supports macroeconomic stabilisation.”

He also points to the energy sector as a critical enabler of economic growth. Interruptions or inefficiencies in energy supply, whether financial or operational, could slow down the production of goods and services, ultimately affecting the country’s GDP trajectory.

“Without energy, can we produce goods and services in the country? No. That’s a huge risk factor. If the energy sector faces financial or operational challenges, and you don’t mitigate those risks, it will affect your growth. You need constant energy production to support the growth process,” he emphasizes.
Beyond the data, the Government Statistician also spelled out what Ghana’s economic outlook means for government, businesses, and households.

“For government, continue supporting industrial productivity and value addition, while strengthening agricultural resilience. For businesses, leverage opportunities in manufacturing, trade and digital services. For households, plan carefully, take advantage of economic opportunities and remain mindful of seasonal fluctuations,”