What You Need to Know
Ghana’s finance minister, Kwaku Agyemang-Manu, announced that the country has emerged from its worst economic crisis in decades. The government projects a GDP growth of at least 4.8% for 2026, supported by strict financial reforms aimed at reducing the fiscal deficit and restoring investor confidence. Inflation has significantly decreased, reflecting improved economic conditions.
Africa. Ghana’s finance minister, Kwaku Agyemang-Manu, announced that the country has emerged from its worst economic crisis in decades, asserting that “Ghana is back strong, reliable, and open for business” during the presentation of the 2026 budget to Parliament.
The government anticipates that the Ghanaian economy will achieve a real GDP growth of no less than 4.8% in 2026, supported by stringent financial reforms aimed at reducing the fiscal deficit to 4% and achieving a primary surplus of 1.5%.
Agyemang-Manu stated that the country has “regained financial discipline, brought inflation under control, stabilized the exchange rate of the cedi, and restored investor confidence,” noting that these steps represent a path to sustainable recovery following a period of severe financial turmoil.
The most notable signs of economic transformation are reflected in inflation data, which has decreased from a record high of 54% in January 2023 to just 8% in October 2024, the lowest level since mid-2021 and within the government’s targeted range. This improvement prompted the central bank to lower the benchmark interest rate by 350 basis points in September, bringing it down to 21.5%, a move that reflects improved macroeconomic conditions.
The finance minister also emphasized that “Ghana’s narrative has shifted from crisis to recovery and renewal,” announcing plans to return to local debt markets in 2026.
Agyemang-Manu addressed international partners directly, stressing that the restoration of economic credibility makes Ghana a promising investment destination, following its success in implementing sound fiscal policies and structural reforms.
Ghana has faced significant economic challenges in recent years, marked by high inflation and fiscal deficits. The country has implemented various reforms to stabilize its economy, including measures to control inflation and restore financial discipline. These efforts are crucial for attracting foreign investment and ensuring sustainable growth in the future.
Historically, Ghana’s economy has been reliant on agriculture and natural resources, but recent years have seen a push towards diversification. The government’s commitment to fiscal responsibility and structural reforms aims to create a more resilient economic environment, fostering long-term stability and growth.