The Bank of Ghana (BoG) expects Ghana’s economy to expand by about 6 percent in the second half of 2026, as the recovery continues to strengthen on the back of improved macroeconomic conditions and coordinated fiscal and monetary policies.
Governor of the BoG, Dr Johnson Asiama, said the recovery had gained a firm footing, supported by fiscal consolidation, structural reforms and the implementation of the IMF-supported programme.
“Looking ahead, we expect growth of around 6 percent in the second half of the year, as this recovery matures,” Dr Asiama said at the Fidelity Bank Debt Capital Markets Conference 2026.
The projection comes after Ghana’s real Gross Domestic Product (GDP) growth rose to about 6 percent in 2025, compared with 2.8 percent in 2023.
The expansion was driven by growth across key sectors, particularly services and agriculture, supported by mining and a recovery in industrial activity.
The positive momentum has carried into 2026, with the economy recording 6.4 percent growth in the first quarter, slightly above the 6.2 percent recorded during the corresponding period of 2025.
Stronger external position
Dr Asiama said the improving growth outlook was being reinforced by a stronger external position, particularly increased earnings from Ghana’s major export commodities.
He said stronger receipts from gold and cocoa had contributed to a trade surplus of approximately US$8.8 billion during the first half of 2026.
Ghana’s gross international reserves stood at US$12.9 billion at the end of June, providing the country with about five months of import cover.
The Governor said the reserves provided an important buffer against external shocks and strengthened the economy’s capacity to meet its external obligations.
Cedi remains stable
The local currency has also remained relatively stable this year, following a sharp appreciation against the US dollar in 2025.
The cedi gained 40.7 percent against the dollar in 2025, after depreciating by nearly 20 percent in 2024.
“The cedi, which had appreciated last year by 40.7 per cent after losing nearly 20 percent in its value in 2024, has held broadly stable into this year, easing imported inflation and reinforcing confidence,” Dr Asiama said.
He said the relative stability of the cedi had helped reduce pressures from imported inflation while improving business and investor confidence.
Fiscal discipline
The Governor attributed the economic recovery largely to fiscal consolidation, which has been supported by stronger domestic revenue mobilisation, prudent expenditure management and measures to restore debt sustainability.
“Fiscal consolidation has been a key pillar of Ghana’s economic recovery,” he said.
According to Dr Asiama, the improvement in economic conditions reflects the cumulative effect of policy measures introduced in response to the severe economic and financial challenges experienced in 2022 and 2023.
He said the reforms and policy interventions had helped restore macroeconomic stability and create the conditions for a more sustainable recovery.
With growth strengthening, inflationary pressures easing and the external position improving, the Governor said the economy was entering a more sustained phase of recovery.
However, maintaining the momentum, he noted, would require continued fiscal discipline, sound monetary policy and the implementation of structural reforms to strengthen the economy’s resilience.
The latest projection by the central bank signals growing confidence that Ghana can sustain its recovery, provided the gains achieved in macroeconomic stabilisation are protected.
Source: businesspostonline
