Ghana now Africa’s 8th largest economy as GDP tops $114bn

Ghana’s economy has risen to become Africa’s eighth largest in 2026, with Gross Domestic Product reaching $114.71 billion.

The latest figures, compiled by Joy Business in a report published Monday, point to a strong recovery in Ghana’s economy following the severe financial and debt crisis that shook the country in 2022.

The report attributed the growth largely to increased activity in mining, information and communication technology, financial services, and oil production, sectors that continue to drive expansion across the economy.

Economic growth for 2026 is projected at 5.1 percent as the country benefits from improved performance in the services sector, rising mineral exports, and renewed investor confidence.

Analysts say the recovery marks a significant turnaround after years of economic instability, soaring inflation and pressure on the local currency.

Inflation, which reached record highs during the crisis period, has continued to decline steadily in recent months. The easing inflationary trend is expected to improve consumer purchasing power and reduce pressure on households struggling with the high cost of living.

Ghana’s economic rebound has also been supported by reforms under the International Monetary Fund’s three-year $3 billion Extended Credit Facility programme introduced in 2023. The programme, alongside domestic debt restructuring measures, is aimed at restoring debt sustainability, strengthening fiscal discipline, and stabilising the economy.

The cedi has also shown signs of stability against the major international trading currencies in recent weeks.

According to the Bank of Ghana’s Monday exchange rates, the US dollar traded at a buying price of GH¢11.2694 and a selling price of GH¢11.2806. The British pound traded at GH¢15.3556 for buying and GH¢15.3721 for selling, while the euro traded at GH¢13.2708 and GH¢13.2839, respectively.

Rates published by GCB Bank showed the dollar trading at a buying price of GH¢11.1000 and a selling price of GH¢11.3500. The pound traded at GH¢15.1500 for buying and GH¢15.4800 for selling, while the euro traded at GH¢13.0500 and GH¢13.4200.

Economists say sustaining the current momentum will depend on continued fiscal discipline, export growth and efforts to ease living costs for Ghanaians while maintaining investor confidence in the economy.