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The economy of Ghana has a diverse and rich resource base, including the manufacturing and export of digital technology goods, automotive and ship construction and export, and the export of resources such as hydrocarbons and industrial minerals.
Recent economic developments. The country faced a surge in public debt due to fiscal measures taken in response to external shocks, which resulted in losing access to international financial markets. This led to debt distress, dwindling international reserves, and escalating inflation.
Ghana - Trade, Agriculture, Mining: The economy is a mixture of private and public enterprise. About three-fifths of the GDP is derived from the services sector, agriculture contributes almost one-fifth, and industry about one-fourth.
Ghana Global Economic Prospects examines trends for the world economy and how they affect developing countries. The report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets.
Economic growth is projected to slow down to 1.5% in 2023 and remain depressed in 2024 at 2.8% but the economy is expected to recover to its potential growth by 2025. A combination of domestic imbalances and external shocks in 2022, led to macroeconomic challenges in Ghana.
The country ended 2023 with an overall trade surplus of USD2.63 billion—equivalent to 3.5% of the GDP. The export of diamonds and rare earth metals has also been on the rise. In 2023, Ghana introduced a set of new regulations to ensure green practices in mining while reaping profits from the industry.
Ghana Economic Outlook. Recent macroeconomic and financial developments. Ghana’s real GDP growth decelerated from 3.8% in 2022 to 2.9% in 2023, reflecting spillover effects from Russia’s invasion of Ukraine, tight global financial conditions, and macroeconomic challenges.
The economic situation has been improving in line with targets due to efforts to restore fiscal and debt sustainability, reduce inflation, and strengthen financial stability. Due to the lingering effects of the macroeconomic challenges, growth in 2023 was low at 2.9% albeit higher than initial projections, while inflation declined to 23.2% in ...
Want to get insight on the economic outlook for Ghana in the coming years? FocusEconomics collects projections out to 2034 on 46 economic indicators for Ghana from a panel of 17 analysts at the leading national, regional and global forecast institutions.
Ghana’s economy rebounded from the COVID-19 slowdown, growing by 5.4 percent in 2021, but the recovery is already facing global headwinds. After slowing to 0.5 percent in 2020, real GDP growth picked up in 2021 thanks to dynamic agriculture and services sectors.