GDP reading disappoints markets: Australia’s GDP increased 0.3% in seasonally adjusted quarter-on-quarter terms in Q1, following a 0.9% expansion in...
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 2014 to 2025.
Source: Macrobond.
Ghana GDP Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 5.1 | 3.8 | 3.1 | 5.8 | 6.0 |
| GDP (USD bn) | 78.0 | 68.8 | 76.9 | 81.7 | 114.1 |
| GDP (GHS bn) | 462 | 614 | 888 | 1,183 | 1,434 |
| Economic Growth (Nominal GDP, ann. var. %) | 17.8 | 33.1 | 44.5 | 33.2 | 21.2 |
Economic growth accelerates in the fourth quarter of 2025
Ghana’s GDP growth accelerates in Q4 2025: The first release of GDP by expenditure confirmed that Ghana's economy expanded 5.8% in annual terms in Q4, following 5.3% growth in the prior quarter. Full-year GDP growth hit a six-year high of 6.0% in 2025 (2024: +5.8%). On a seasonally adjusted quarter-on-quarter basis, GDP increased 1.5% in Q4, following a 1.3% expansion in the previous quarter.
Public spending and a rebound in exports lift growth: Compared to the previous period's data, figures in Q4 improved for government consumption (+7.0% on a year-on-year basis vs +1.0% in Q3), exports of goods and services (+19.5% vs -2.6% in Q3) and imports of goods and services (+29.4% vs +21.1% in Q3). In contrast, readings softened for private consumption (+9.2% vs +13.5% in Q3) and total investment (+2.6% vs +10.3% in Q3).
Weaker growth is seen ahead: Our Consensus is for annual GDP growth to have slowed to an over one-year low in Q1 2026. In 2026 overall, the Ghanaian economy is seen expanding at the weakest pace in three years; growth in private spending and exports is set to ease, the latter due to the hit to cocoa shipments from sluggish global demand for chocolate and liquidity crunches among domestic producers. Still, public spending should rebound as the IMF program comes to an end and budget revenues receive a boost from both higher global prices and increased royalties for gold and lithium. Higher-for-longer energy prices stoking inflation are 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 19 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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