Ghana GDP

Economic growth rises in the first quarter of 2026

Ghana’s economy gains steam in Q1: Ghana's GDP grew 6.4% year on year in Q1, the fastest rate in almost a year, accelerating from 5.8% in the prior quarter and remaining above the post-pandemic average. In seasonally adjusted quarter-on-quarter terms, the economy grew 1.6% in Q1, following 1.5% growth in the prior quarter.

Surge in total investment boosts GDP growth: Compared to the previous quarter's data, readings in Q1 improved for government consumption (+7.9% on a year-on-year basis vs +7.0% in Q4) and total investment (+36.1% vs +2.7% in Q4). In contrast, readings softened for private consumption (+6.1% vs +9.1% in Q4), exports of goods and services (-4.3% vs +19.5% in Q4) and imports of goods and services (+11.3% vs +29.4% in Q4). Total investment surged, as oil and gas upstream producers revived investment under new fiscal terms. Moreover, expanding gold production and higher government capital spending also provided support. Meanwhile, on the production side, stronger GDP growth was buoyed by accelerating industry—Ghana’s second-largest sector, after services. The sector benefited from rebounding energy production and a sharp rebound in mining, as gold output accelerated amid record-high prices and regulatory reform.

Panelist insight: EIU analysts commented on the outlook: “We expect real GDP growth to decelerate from 6% in 2025 to an average of 5.3% in 2026 […]. Brisk growth […] will be buoyed by monetary policy loosening […] and falling borrowing costs, followed by recovering market confidence (as Ghana emerges from debt distress), rising gold production and the coming on stream of export-oriented projects. The main downside risk […] stems from the fallout from a protracted Iran conflict, in the form of supply disruptions of vital imported business inputs, which could hamper economic activity.”

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