A new economic direction for Ghana
In January 2025, when President John Dramani Mahama assumed office, Ghana’s economy was emerging from one of the most difficult periods in its recent history. Inflation was high, the currency had been volatile, and public finances were under pressure.
Businesses and investors were watching closely to see whether the country could regain the economic stability that, among others, had long made it one of Africa’s most attractive investment destinations. At the time, the message from the President to Ghanaians and the global investment community was that Ghana was embarking on a comprehensive economic reset aimed at restoring stability, rebuilding investor confidence, and repositioning the country as one of Africa’s most attractive destinations for investment.
The government outlined an ambitious reform agenda focused on fiscal discipline, macroeconomic stabilization, and private sector-led growth. One year later, the message emerging from the 2026 Budget Statement and the 2026 State of the Nation Address (SONA) tells the story of an economy that is steadily regaining its footing. The country’s economic fundamentals have improved, investor confidence has returned, and new opportunities for investment are emerging across key sectors for investors at home and abroad.
Macroeconomic stability restored
The most compelling evidence of Ghana’s progress lies in the country’s improving macroeconomic performance. Exchange rate volatility, which had previously placed significant pressure on households and businesses, has now stabilised.
The Ghana cedi appreciated by approximately 40.7 percent against the US dollar, 30.9 percent against the pound sterling, and 24 percent against the euro. Inflation also declined sharply, falling from 23.8 percent at the end of 2024 to 3.3 percent in February 2026. Ghana’s Gross Domestic Product (GDP) grew by an average of 6.1 percent in the first three quarters of 2025, and by the end of the year the economy had surpassed US$100 billion, placing Ghana among the ten largest economies in Africa.
With regard to fiscal performance, the primary surplus reached 2.6 percent of GDP, exceeding the 1.5 percent target, while the fiscal deficit narrowed to 3.1 percent, below the projected 3.8 percent. Public debt fell by GH¢82.1 billion from 61.8 percent to 45.3 percent of GDP; the country’s gross international reserves now stand at US$13.8 billion, representing 5.7 months of import cover, and is projected to reach a minimum of 8.6 months of import cover by the end of 2026 through the Ghana Accelerated National Reserve Accumulation Policy. Today, Ghana can issue domestic bonds following the expiration of the three-year restriction on bond issuance.
Click to read the full press release
_____________________________________________________________________________________________________________
Connect with Us