depending how fast your arowana grows. The arowana should be able to turn around with no struggle, and the length of the tank should be 3x the size of your arowana giving it space to swim. So if your 55 gallon tank has the dimensions :48-1/4"L x 12-3/4"W x 20-13/16"H, then about a 11 inch arowana will be the max size you want in that 55 gallon. That gives your arowana 7 more inches to grow, and saying your arowana grows 1 inch a month, you have 7 months
The OP said 55g WIDE; I think at least 18" wide. I'd say go ahead if you absolutely can't go bigger now AND promise yourself to upgrade the tank ASAP. It's your fish and is definately your choice to provide him a good home or not. Good luck