Ghana’s economy is expected to grow by 5.4% in 2025, driven largely by the mining sector, especially gold production. Despite the recovery, challenges remain in non-mining sectors, including manufacturing and agriculture, highlighting the need for structural reforms to maintain growth momentum.
Ghana’s economy is projected to sustain its growth momentum, with the Gross Domestic Product (GDP) anticipated to rise by 5.4% in 2025. This forecast was presented by Jibran Qureishi, Head of Africa Research at Standard Bank Group, during the Stanbic Economic Series webinar themed “The Economy under a New Era”. Mr. Qureishi emphasized the importance of various growth drivers and structural risks that may impact the nation’s economic landscape.
In 2024, Ghana experienced notable economic resilience, achieving a GDP growth rate of 5.8%, a significant increase from 2.9% in 2023. Mr. Qureishi commented, “This is the fastest rate of economic growth since 2021, and we anticipate this momentum will continue, with projected growth of 5.4% in 2025 and 5.7% in 2026.”
The mining sector, particularly gold production, plays a crucial role in Ghana’s economic recovery. Mr. Qureishi remarked, “There has been a notable pickup in mining activities across the country, with gold leading the charge.” The revival of mines like Obuasi and the anticipated establishment of a lithium facility around 2026-2027 are expected to further bolster economic output.
However, challenges persist in non-mining sectors such as manufacturing and real estate. Mr. Qureishi noted, “While mining is flourishing, sectors such as manufacturing and real estate continue to face persistent headwinds.” Additionally, agricultural productivity has suffered due to a dry spell in Northern Ghana, affecting growth in that sector.
While there is optimism regarding Ghana’s economic trajectory, Mr. Qureishi cautioned about the need to resolve structural weaknesses to ensure sustained growth. He stated, “The revival of key mining operations and the potential for stronger-than-expected growth in 2026 highlight the resilience of Ghana’s economy, but issues such as energy sector arrears and fiscal imbalances must be tackled for growth to remain stable.”
In conclusion, Ghana’s GDP growth is projected to reach 5.4% in 2025, bolstered by the mining sector, particularly gold production. After a strong recovery in 2024, challenges remain in non-mining sectors and agricultural productivity, necessitating attention to structural weaknesses to support sustained economic growth. Continued focus on the mining industry is essential for ongoing economic resilience.
Original Source: africa.businessinsider.com
