Ghana economy

Economic Development in Ghana: Progress and Prospects

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Ghana's Economy Now Stronger and Steadier": Finance Minister Claims

Ghana's growth prospects strengthen amidst increasing investor confidence

Ghana has emerged from its worst economic crisis in a generation and is positioned for sustained growth, Finance Minister Cassiel Ato Forson announced Thursday, declaring the nation "back, strong, credible, and open for business" during his 2026 budget presentation to parliament.

The government projects real GDP growth of at least 4.8% in 2026, backed by stringent fiscal reforms that aim to achieve a 4.0% fiscal deficit and 1.5% primary surplus.

"We have restored fiscal discipline, brought inflation under control, stabilized the cedi, and rekindled investor confidence," Forson stated, outlining a path of sustained economic recovery after Ghana's severe financial turmoil.

Dramatic inflation decline and monetary policy shift

The turnaround is most evident in inflation data, which has plummeted from a record 54% in January 2023 to just 8% in October 2024,  the lowest level since June 2021 and within the government's target band. The sustained decline prompted the central bank to implement a record 350-basis-point interest rate cut in September, reducing the benchmark rate to 21.5% as macroeconomic conditions steadily improve.

Debt market return and renewed investor confidence

Forson confidently proclaimed that Ghana's narrative has shifted "from one of crisis to recovery and renewal," announcing plans to return to domestic debt markets in 2026. The finance minister directly addressed international partners, emphasizing that the country's restored economic credibility positions it as a compelling investment destination following successful implementation of prudent policies and fiscal reforms.