Ghana’s economy is showing signs of a strong rebound, with recent data and IMF assessments pointing to growth exceeding earlier expectations, and public debt falling more sharply than once thought. According to the IMF and other observers, Accra has taken serious steps to stabilise its finances — and those efforts are beginning to pay off.
In 2024 real GDP growth came in around 5.7%, well above many forecasts. Key sectors driving this growth have included mining (notably gold), agriculture, ICT, manufacturing and construction. In the first quarter of 2025, non-oil GDP grew by about 6.8% year-on-year, particularly boosted by agriculture (crops, fishing), services (finance, insurance, transport & communications), and trade.
On the debt front, Ghana has made notable progress. Earlier reports put public debt at over 80% of GDP in 2022. Since then, moves such as restructuring external debt (including a large deal with official creditors), control of expenditure, and reform of public financial management have worked together with economic growth to reduce the burden. Some analysts even suggest that Ghana’s debt-to-GDP ratio has dropped to about 54% by Jan-2025, ahead of the country’s own targets.
That said, the turnaround is not without challenges. Inflation remains stubbornly high — projected at about 17-18% for 2025, depending on sources. The government also faces pressure to tighten revenue collection (domestic revenue mobilisation), reduce inefficient tax exemptions, and improve the efficiency of spending, especially on energy subsidies, state-owned enterprises and arrears that built up during periods of lax fiscal discipline.
The IMF’s Extended Credit Facility programme, worth about US$3 billion, continues to serve as both anchor and incentive. Observers warn that sustaining progress depends on continued reforms: further strengthening of tax administration, better public financial management, and maintaining fiscal discipline especially through election cycles.
In sum, Ghana appears to be on a promising path: growth is strong, debt is coming down, and policy adjustments are real. But to secure long-term stability, it must keep up the momentum and guard against slippages.
