Ghana’s economy has recorded significant growth for the first time in decades, crossing the $100 billion mark, Finance Minister Dr Cassiel Ato Forson has revealed.

He made the announcement while presenting the 2026 Mid-Year Fiscal Policy Review in Parliament on Thursday, July 23, attributing the milestone to sustained economic growth since 2025.

The Finance Minister said Ghana's economy grew by 6% in 2025 because the country produced more goods and services than it did in 2024. This was the strongest economic growth Ghana has recorded since 2019.

In 2019, Ghana’s economy recorded a real GDP growth rate of 6.5%, which was slightly higher than the 6.3% achieved in 2018. This made 2019 one of the strongest years of economic growth before the COVID-19 pandemic.

The services sector was the largest contributor, expanding by 7.6% and accounting for 47.2% of GDP. The industry sector also grew by 6.4%, driven mainly by mining and quarrying, which recorded a 12.6% increase.

Meanwhile, the agriculture sector grew by 4.6%, a slight decline from the 4.8% growth recorded in 2018.

According to him, real Gross Domestic Product (GDP) expanded by 6.0% in 2025, representing the fastest economic growth recorded since 2019.

Ghana's economy did not grow because of oil alone. Other sectors, including agriculture, manufacturing, trade, banking, telecommunications, and services, also performed strongly, helping the economy achieve its highest non-oil growth in 14 years.

"This demonstrates that Ghana’s recovery extends well beyond favourable commodity prices," Dr Forson told Parliament.

The Finance Minister said the country's economic momentum has continued into 2026, with real GDP growth reaching 6.4% in the first half of the year, exceeding the government's expectations.

"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.

Given the current growth recorded, Dr Forson said Ghana is now recognised as the eighth-largest economy in Africa.

Between 2024 and 2025, Ghana’s average income per person increased by US$858, representing a 34% rise, one of the strongest single-year improvements in recent times.

"These are not mere statistics. They represent higher incomes, stronger businesses, greater opportunities, and an economy with an enhanced capacity to invest in its people," he added.

The figures form part of the government's broader argument that economic reforms implemented since President John Dramani Mahama assumed office in January 2025 have contributed to improved macroeconomic performance.

In a related development, Ghana's economic growth slowed to 4.7% in April 2026, down from 7.4% recorded during the same period last year, according to the Ghana Statistical Service (GSS).

This was contained in the latest Monthly Indicator of Economic Growth (MIEG) released by the GSS.

According to the report, although the pace of growth has eased due to slower activity across key sectors of the economy, Ghana's economy continues to expand.

The report showed that the Monthly Indicator of Economic Growth (MIEG) rose to 113.3 in April 2026 from 108.2 in April 2025, extending the economy’s upward trajectory over the past three years.

Key drivers of growth

A major driver of the moderate growth was the services sector, which remained the largest contributor, recording a 6.0% year-on-year expansion and accounting for 61.7% of overall economic growth during the month. The sector's performance was driven largely by activities in the information and communication subsector.

Industry also posted stronger growth, expanding by 4.0% in April 2026 compared with 1.1% during the corresponding period in 2025, representing an increase of about 264%. The improvement was attributed mainly to increased mining activity, with the sector contributing 29.9% of the month's overall growth.

Meanwhile, the agriculture sector returned to positive territory after contracting a year earlier. The sector grew by 1.7%, recovering from a 6.9% decline in April 2025, supported primarily by the crops and livestock subsectors. Agriculture accounted for 4.5% of overall economic growth during the month.

According to the Ghana Statistical Service, growth remained broad-based across the economy, with all three major sectors—services, industry, and agriculture, recording positive growth in April 2026.

The Monthly Indicator of Economic Growth is a high-frequency index used to provide an early indication of quarterly Gross Domestic Product (GDP) performance by tracking monthly economic activity across the agriculture, industry, and services sectors.

The GSS noted that the April 2026 estimates are provisional and may be revised as additional data become available.