Ghana’s economy has exceeded $100bn for the first time, with Finance Minister Dr Cassiel Ato Forson telling Parliament the landmark underlines the country’s emergence as a major regional economic player.
Presenting the 2026 Mid-Year Fiscal Policy Review on Thursday, 23 July, Dr Forson said the size of the economy passed the $100bn threshold in 2025, driven by the strongest growth the country has seen in several years.
According to the minister, real Gross Domestic Product (GDP) grew by 6.0% in 2025 – the fastest pace since 2019 – as the country’s post-pandemic recovery gathered momentum.
He added that non-oil GDP expanded even more rapidly, at 7.6% in 2025, which he described as the highest rate in 14 years and evidence that the upturn was not reliant on the oil industry.
“This demonstrates that Ghana’s recovery extends well beyond favourable commodity prices,” Dr Forson told lawmakers.
Growth beating government forecasts
Dr Forson said the positive trend had continued into this year, with provisional data indicating that real GDP growth reached 6.4% in the first half of 2026, ahead of the government’s own 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.
The minister also told Parliament that Ghana is now regarded as the eighth-largest economy in Africa, reflecting its expansion in recent years relative to other countries on the continent.
Rising incomes and living standards
Alongside the headline growth figures, Dr Forson reported a sharp increase in average income levels over the past year.
He said per capita income rose by more than $850 between 2024 and 2025, moving from $2,527 in 2024 to $3,385 at the end of 2025.
“These are not mere statistics,” he said.
“They represent higher incomes, stronger businesses, greater opportunities, and an economy with an enhanced capacity to invest in its people,” he added, arguing that the numbers were already being felt in households and firms.
Government credits reform agenda
The finance minister framed the latest figures as part of a broader narrative that the policy choices made since President John Dramani Mahama took office in January 2025 have helped stabilise and strengthen the economy.
He said the government views the improved macroeconomic indicators, including faster growth and rising per capita income, as evidence that its programme of economic reforms is starting to deliver results.
The Mid-Year Fiscal Policy Review is a statutory update to Parliament on the performance of the economy and the implementation of the national budget, and is used by the government to highlight progress and adjust policy where necessary.
In this year’s update, Dr Forson repeatedly linked the $100bn milestone, the acceleration in both overall and non-oil GDP, and the jump in per capita income to what he described as a sustained recovery that is no longer dependent on global commodity price swings.
While he did not provide a detailed sectoral breakdown in his headline remarks, his emphasis on non-oil output and income growth was aimed at reinforcing the message that Ghana’s recent performance is broad-based rather than narrowly concentrated.
The minister’s presentation forms part of the administration’s wider effort to persuade MPs and the public that its economic strategy is putting Ghana on a more resilient and inclusive growth path after several years of volatility.
