Near 20-year high interest rates take a toll on GDP growth: As projected by our Consensus, sequential GDP growth lost...
Economic Growth in Ghana
Ghana's economy recorded an average growth rate of 4.3% in the decade to 2024, compared to the 3.7% average for Sub-Saharan Africa. In 2024, real GDP growth was 5.7%. For more GDP information, visit our dedicated page.
Ghana GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Ghana from 2024 to 2018.
Source: Macrobond.
Ghana GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 0.5 | 5.1 | 3.8 | 3.1 | 5.6 |
| GDP (USD bn) | 68.3 | 78.0 | 68.0 | 76.2 | 80.8 |
| GDP (GHS bn) | 392 | 462 | 614 | 888 | 1,169 |
| Economic Growth (Nominal GDP, ann. var. %) | 9.9 | 17.8 | 33.1 | 44.5 | 31.7 |
Economic growth unchanged in Q2
GDP growth stable: GDP growth was unchanged year on year in the second quarter, matching Q1’s upwardly revised 6.3% figure and exceeding market expectations. On a seasonally adjusted quarter-on-quarter basis, economic growth lost steam, cooling to 1.4% in Q2, compared to the previous quarter's 1.6% expansion.
Households and investors underpin momentum: Private consumption growth improved to 12.2% year on year in Q2, up from a 5.0% expansion in Q1, as inflation averaged its lowest level in the second quarter since Q1 2022. Additionally, total investment growth accelerated to 17.1% in Q2, following the 3.2% increase in the prior quarter. Meanwhile, government consumption dropped at its sharpest pace since Q3 2023, contracting 0.2% (Q1: +8.2% yoy). On the external front, exports of goods and services growth moderated to 9.1% in Q2 (Q1: +13.9% yoy). Conversely, imports of goods and services growth sped up to 23.0% in Q2 (Q1: +7.3% yoy).
GDP growth to remain healthy: Our panelists expect GDP growth to cool in H2 from its stellar Q2 performance. Still, momentum should remain upbeat by historical standards, supported by disinflation and ongoing monetary policy easing. Adverse weather hurting the cocoa harvest poses a downside risk.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Ghanaian GDP projections for the next ten years from a panel of 17 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Ghanaian GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Ghanaian GDP projections.
Want to get access to the full dataset of Ghanaian GDP forecasts? Send an email to info@focus-economics.com.
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