Ghana’s economy breaks $100bn barrier, becomes Africa’s 8th largest

Ghana’s economy has exceeded the US$100 billion threshold for the first time, according to Finance Minister Dr Cassiel Ato Forson.

Speaking during the presentation of the 2026 Mid-Year Fiscal Policy Review to Parliament on Thursday, July 23, Dr Forson attributed the achievement to strong economic growth recorded since 2025.

He said the economy expanded by 6.0% in real GDP growth in 2025, marking the fastest pace of growth since 2019. He added that non-oil GDP growth rose to 7.6%, the highest level in 14 years, showing that the recovery was driven by broader sectors beyond oil.

“This demonstrates that Ghana’s recovery extends well beyond favourable commodity prices,” the Finance Minister told lawmakers.

Dr Forson noted that the positive trend has continued into 2026, with the economy recording 6.4% real GDP growth in the first half of the year, surpassing government’s initial projections.

“For the first time in our nation’s history, the size of Ghana’s economy exceeded 100 billion dollars, firmly establishing Ghana as a major emerging market economy,” he said.

He further announced that Ghana has become the eighth-largest economy in Africa and revealed that average income per person increased by more than US$850 within a year, rising from US$2,527 in 2024 to US$3,385 by the end of 2025.

Dr Forson stressed that the figures go beyond economic statistics, arguing that they reflect improved incomes, stronger businesses, expanded opportunities and greater capacity for investment in citizens.

The development forms part of government’s broader claim that economic reforms introduced since President John Dramani Mahama took office in January 2025 have contributed to improved macroeconomic stability and growth.