[REVISION HISTORY]

Ghana economy: growth gains offset by debt and fiscal risks

Updated 24 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-25 09:15 UTC → 2026-10-06 15:02 UTC · added ~~removed~~

Ghana’s economic recovery shows signs of macroeconomic stability, though experts warn of underlying structural risks. While real GDP growth reached 6.4% in Q1 2026 and inflation fell to approximately 5.3%, the sustainability of these gains remains under scrutiny. Data from the Ghana Statistical Service indicates that the economy grew by 6.0% in the second quarter of 2026, bringing the overall growth rate for the first half of the year to 6.2%. Expansion was primarily driven by the services sector, which grew by 8.0%, led by a 30.9% expansion in Information and Communication Technology (ICT). The industrial sector grew by 4.3%, supported by a 22.4% rebound in oil and gas, while agriculture grew by 3.9% amid a 24.7% contraction in fishing. Public debt rose to GH¢719.52 billion by the end of June 2026, a 12% increase from December 2025, maintaining a debt-to-GDP ratio of approximately 45%. ~~However, recent data shows gross~~ Gross international reserves ~~have risen~~ rose to US$12 billion as of late September 2026, providing roughly 4.5 months of import cover. While Bank of Ghana Governor Dr Johnson Asiamah attributed this ~~growth~~ to ~~a resumption of significant~~ increased gold shipments, ~~though he noted~~ the Institute of Economic Research and Public Policy (IERPP) cautioned that ~~fluctuations in international~~ current stability may “mask underlying structural fragilities” due to an over-reliance on high gold ~~prices remain~~ prices. To enhance bilateral trade, the Bank of Ghana is implementing measures for direct cedi-renminbi settlement to reduce reliance on third-party currencies like the U.S. dollar. Stanbic Bank has launched a ~~risk.~~ pilot program using China’s Cross-Border Interbank Payment System (CIPS), with GCB Bank developing a similar mechanism. In ~~terms of revenue,~~ the ~~telecommunications sector contributed approximately GH¢15 billion in taxes, levies, and fees~~ fixed-income market, investors are shifting capital from short-dated Treasury bills toward restructured Domestic Debt Exchange Programme (DDEP) bonds. Activity in ~~2025,~~ DDEP bonds rose by approximately GH¢1.21bn, accounting for ~~roughly 6.8% of the country’s total domestic revenue~~ 40.5% of ~~GH¢223 billion. Industry representatives have suggested that targeted fiscal incentives could further expand the national revenue base.~~ market activity, as investors appear to be seeking longer-term returns.

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