Ghana Economic Outlook
A diversified but debt-laden economy:
Ghana is one of West Africa’s most dynamic economies, benefiting from a diverse mix of natural resources, agriculture, and services. The country is a major producer of gold, cocoa, and oil, with gold alone accounting for nearly half of export earnings. However, Ghana has struggled with high levels of public debt, forcing the government to negotiate a $3 billion bailout from the IMF in 2023 to stabilize its finances.
Debt distress and fiscal reforms:Ghana has faced a severe debt crisis in recent years, with public debt surpassing 80% of GDP. A large portion of government revenue has been spent on debt servicing, limiting funds for infrastructure and social programs. In response, the government implemented a domestic debt restructuring plan and introduced new revenue measures, such as higher taxes and spending cuts, to restore fiscal stability. The success of these reforms will be critical in determining Ghana’s future economic trajectory.
Agriculture and industrialization:The agricultural sector remains a key pillar of the economy, employing over 30% of the population. Ghana is the world’s second-largest cocoa producer, though efforts are being made to boost local processing to capture more value from the industry. The government has also promoted industrialization through its "One District, One Factory" initiative, which aims to stimulate local manufacturing. However, Ghana still relies heavily on imports for essential goods, making it vulnerable to exchange rate fluctuations.
Ghana’s economic prospects:Ghana’s economy is expected to return to stable growth, but risks remain due to ongoing debt restructuring and global economic uncertainties. Inflation, which peaked above 50% in 2022, has started to decline, improving purchasing power. Future growth will depend on how well Ghana manages its fiscal consolidation, expands its industrial base, and attracts foreign investment. While the IMF program provides short-term relief, structural reforms will be needed to ensure long-term economic resilience.
Ghana's Macroeconomic Analysis:
Nominal GDP of USD 72.2 billion in 2023.
GDP per capita of USD 2,195 compared to the global average of USD 10,589.
Average real GDP growth of 4.4% over the last decade.
Sector Analysis
In 2022, services accounted for 42% of overall GDP, manufacturing 11%, other industrial activity 26%, and agriculture 21%. Looking at GDP by expenditure, private consumption accounted for 84% of GDP in 2023, government consumption 6%, fixed investment 11%, and net exports -1%.International trade
In 2019, manufactured products made up 6% of total merchandise exports, mineral fuels 25%, food 18%, ores and metals 4% and agricultural raw materials 1%, with other categories accounting for 46% of the total. In the same period, manufactured products made up 51% of total merchandise imports, mineral fuels 32%, food 14%, ores and metals 1% and agricultural raw materials 2%, with other goods accounting for 0% of the total. Total exports were worth USD 20 billion in 2024, while total imports were USD 15 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 4.4% in the decade to 2023. To read more about GDP growth in Ghana, go to our dedicated page.
Fiscal policy
Ghana's fiscal deficit averaged 8.2% of GDP in the decade to 2023. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 3.8% in the decade to 2023. For more information on Ghana's unemployment click here.
Inflation
Inflation averaged 17.6% in the decade to 2024. Go to our Ghana inflation page for extra insight.
Monetary Policy
Ghana's monetary policy rate ended 2024 at 27.00%, up from 21.00% a decade earlier. See our Ghana monetary policy page for additional details.
Exchange Rate
From end-2014 to end-2024 the cedi weakened by 78.2% vs the U.S. dollar. For more info on the cedi, click here.
Economic situation in Ghana
As anticipated by our Consensus, the economy tapped on the brakes in Q4 2024, with annual GDP growth halving to 3.6% from Q3’s 7.2% rise. The slowdown was due to milder growth in total investment, public spending and exports. Looking at sectoral data, unfavorable weather, crop disease and smuggling of beans led cocoa output to contract for the sixth consecutive quarter. Shifting to 2025, our Consensus is for annual GDP growth to gain steam in Q1, partly thanks to a lower base of comparison. That said, downside risks linger as higher inflation in January–February versus Q4 likely dented private consumption. In the fiscal arena, the 2025 budget was presented on 11 March; the blueprint pencils in an over 10% cut in primary government spending and a 20% boost to revenue and grants, leading to a primary budget surplus of 1.5% of GDP.Ghana Economic Forecasts
Projections out to 2034.46 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 17 expert analysts.
Want to get insight on the economic outlook for Ghana in the coming years? FocusEconomics collects projections out to 2034 on 46 economic indicators for Ghana 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. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Ghana economy. To download a sample report on the Ghana's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.