Ghana economy shows growth despite stability concerns

Ghana’s economy is showing signs of recovery, with real GDP growth reaching 6.0% in 2025, supported primarily by the services and agriculture sectors. Following a period of significant fiscal pressure, including a 2022 external debt default and inflation exceeding 50%, the country has seen declining public debt and improved international reserves due to successful debt restructuring.

Financial institutions have noted this progress. Moody’s recently upgraded Ghana’s sovereign credit rating to B3 from Caa1 with a stable outlook, while the International Monetary Fund (IMF) raised its 2026 growth forecast to 5.7%. Despite these improvements, the World Bank has cautioned that the recovery remains fragile and vulnerable to external shocks.

Experts warn that the rebound relies heavily on gold and commodity prices. There are ongoing concerns regarding whether macroeconomic gains will translate into inclusive growth, specifically regarding the ability to create sufficient quality jobs for an expanding working-age population and reducing persistent poverty.