Ghana’s economy is expected to experience significant growth in 2026. Presenting the 2026 Budget Statement and Economic Policy on Thursday, November 11, the Finance Minister, Cassiel Ato Forson, projected a 4.8% increase in the country’s Gross Domestic Product (GDP) for 2026.

He also forecasted that inflation would drop to 8% by the end of the year. “Right honorable Speaker, for the year 2026, we will achieve the following at the minimum, real GDP growth of at least 4.8%, driven by continued expansion in infrastructure, service sectors, and agriculture as well. … Mr. Speaker, at least 4.9%, and end the inflation for next year will be at least 8% ± 2,” he added.

The Minister noted that the projected growth would be driven by continued development in infrastructure, the services sector, and agriculture. Ghana recorded a 6.3% Gross Domestic Product (GDP) in the second quarter of 2025 and an 8.0% inflation rate for October, down from 9.4% recorded in September.

The 8.0% inflation rate indicates a sharp improvement from the 23.8% recorded in December 2024. The IMF projects a decrease in global inflation while predicting slower economic growth in 2025 for the U.S. and other regions.

Meanwhile, the total value of all commodities bought and sold on Ghana’s Commodity Exchange (GCX) in 2024 amounted to GHS24.23 million, according to the Bank of Ghana’s (BoG) 2024 Financial Stability Review.

The report attributed the gains to strong demand for maize and soybean contracts, which boosted overall market performance.

“The Ghana Commodity Exchange (GCX) experienced remarkable growth, reinforcing its role in agricultural trade and market efficiency. Trading volume surged by 107.4 per cent to 5,161.03 metric tonnes in 2024. The total trade value soared by 114.8 per cent, from GH₵11.29 million in 2023 to GH₵24.23 million.

"This growth was driven by several factors, including increased market participation, the strategic use of commodity aggregation funds, a faster settlement cycle (T+1, a day after the transaction date), improved warehouse infrastructure, and enhanced trader confidence.Additionally, settlement values grew by 113.3 per cent to GH₵23.31 million, reflecting enhanced liquidity and improved transactional efficiency,” the report stated.

In 2023, the Ghana Commodity Exchange recorded a substantial decline in trading activity, with total trade value falling to GH₵11.3 million from GH₵20.7 million in 2022, representing a 45 per cent decrease.

Factors such as economic and environmental challenges facing Ghana’s agricultural market were instrumental in this decline.GCX’s traded commodities include maize, soybeans, sorghum, sesame, rice, and cashews. In 2024, major commodities such as maize, sesame, rice, and soybeans were actively traded compared to 2023.

The number of contracts executed on the GCX surged by 122.03 per cent to 4,898 contracts compared to 2023, boosting trading activity and market confidence.

“The excellent growth in 2024 culminated in a six-year Compound Annual Growth Rate (CAGR) of approximately 14 per cent. The Exchange, for the period, traded three commodities relative to two commodities in 2023. The 2024 performance reinforces GCX’s role in driving price discovery, improving market accessibility, and promoting inclusion in Ghana’s commodities sector,” the report noted.

Maize transaction volumes in 2023 stood at 2,311.78 metric tonnes and rose by 99.2 per cent to 4,604.38 metric tonnes in 2024, driven by increased demand, access to the market, and favourable pricing.

“Trading volumes for major commodities recovered strongly, partly due to increased demand and favourable pricing. Maize trading volumes grew by 99.2 per cent to 4,604.38 metric tonnes in 2024 from 2,311.78 metric tonnes in 2023, driven by increased demand, improved market access, and favourable pricing,” it added.

In 2024, maize prices increased by 34.2 per cent, selling at GH₵4,396.00 compared to GH₵3,276.50 in 2023. Soybean prices surged by 107.1 per cent to GH₵8,311.00 per metric tonne from GH₵4,012.50, while sorghum, sesame, and rice prices remained unchanged during the same period.

“During the period, commodities exhibited varying price trends compared to 2023. Maize prices increased by 34.2 per cent to GH₵4,396.00 from GH₵3,276.50. Soybean prices experienced the sharpest rise, surging by 107.1 per cent to GH₵8,311.00 per metric tonne from GH₵4,012.50 due to increased export demand and rising input costs. Sorghum, sesame, and rice prices remained unchanged, pointing towards stable supply and demand dynamics in those segments of the market,” the report explained.

Operations at GCX warehouses also expanded in 2023, driven by enhanced storage capacity and stricter adherence to regulatory standards. The number of warehouses increased from eight to nine in the same year.

These warehouses are strategically distributed across Ghana’s key agricultural hubs, including the Ashanti, Bono, Northern, Upper East, and Upper West Regions.

“Warehouse operations expanded, reflecting improvements in storage capacity and regulatory compliance. The number of warehouses increased from 8 to 9, indicating investment in storage infrastructure aimed at enhancing market accessibility. This expansion underscores GCX’s commitment to boosting storage and trading activities to address liquidity challenges.”

The Bretton Woods institution attributed this anticipated improvement to the debt restructuring programme implemented by the erstwhile government, noting its positive impact in placing the country on a path toward debt sustainability.

The 2026 budget presentation also touched on strategies for economic growth, job creation, and post-International Monetary Fund (IMF) management. It also introduced tax reforms, including a reduction of VAT from 22% to 20%, and a review of levies such as the COVID-19 levy.

The presentation of the year-ahead budget is in accordance with the Public Financial Management Act, 2016 (Act 921) of Ghana, which was passed by Parliament and assented to on August 25, 2016.

The Act governs how public funds are managed across all government entities. It mandates that the Finance Minister, acting on behalf of the President, lay before Parliament, not later than November 15 of each financial year, estimates of the revenues and expenditures of the government.

According to some analysts, the 2025 Budget largely followed the same plans, ideas, and policies set up by the erstwhile government. In July this year, the Finance Minister, Dr. Ato Forson, mentioned that the Mahama-led administration would present its 2026 Budget and Economic Statement to Parliament in October 2025, instead of November 2025.

With this, Parliament would have about an additional month to debate the 2026 Budget before the House goes on recess in late December. He noted that the new timeline for the presentation would aid thorough deliberation, allowing room for alterations before the budget comes into force at the beginning of 2026.

“We are aiming to present the 2026 budget to Parliament by the end of October 2025. Preparations are already underway. We want to avoid the delays and uncertainties of the past. This government is committed to proper planning and transparency,” he disclosed during an appearance on a special edition of PM EXPRESS with host Evans Mensah on July 24.