Ghana’s economy is projected to grow by 5.0 percent in 2026 and 5.4 percent in 2027, but the country faces a significant investment financing gap that could constrain long-term development, the African Development Bank (AfDB) has said.
In its African Economic Outlook 2026 report, the AfDB said Ghana’s medium-term economic outlook remains broadly positive, supported by improved business confidence, prudent macroeconomic management and sustained strength in services and household consumption.
The bank said growth is expected to moderate slightly from an estimated 5.8 percent in 2025 to 5.0 percent in 2026, before recovering to 5.4 percent in 2027.
“Growth is projected at 5.0 percent in 2026 and 5.4 percent in 2027, supported by improved confidence, prudent macroeconomic management, and continued strength in services and consumption,” the report stated.
However, the AfDB warned that Ghana continues to face an estimated investment financing gap equivalent to about 9 percent of gross domestic product (GDP), which could slow progress on key development priorities.
It said high public debt levels, weak domestic revenue mobilisation and tighter global financial conditions have limited the country’s access to long-term and affordable financing.
The bank stressed that addressing these constraints would require deep structural reforms aimed at diversifying the economy, strengthening institutions and improving the efficiency of financial intermediation.
It also called for closer integration between domestic and international financial systems to improve the mobilisation of resources at scale.
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The AfDB said maintaining a stable macroeconomic environment will be critical to attracting both domestic and foreign investment into priority sectors of the economy.
It added that sustainable debt levels, transparent institutions and efficient financial systems are essential to support long-term development goals.
The report highlighted the importance of stronger coordination between fiscal and monetary policy, improved regulatory oversight, reliable financial infrastructure and better public financial management systems.
Such measures, it said, would help create a more predictable economic environment and strengthen investor confidence.
The bank also emphasised the need for improved data systems and greater transparency in public finance management to enhance accountability and policy effectiveness.
To close the financing gap, the AfDB urged Ghana to strengthen domestic resource mobilisation by broadening the tax base and improving revenue administration.
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It also recommended the development of deeper local currency capital markets to reduce reliance on external borrowing and limit exposure to global financial volatility.
The report further encouraged the use of blended finance instruments and public–private partnerships to mobilise private capital for infrastructure, healthcare, education and energy transition projects.
According to the AfDB, such approaches could help reduce investment risks, attract long-term capital and support more inclusive and resilient growth.
Across West Africa, the bank projected regional growth of 4.7 percent in 2026 and 4.5 percent in 2027, slightly lower than the estimated 4.8 percent in 2025.
It said the outlook for the region remains broadly stable, with growth expected to be widespread across multiple economies.
The report noted that 10 of the 15 countries in West Africa are expected to record growth of 5 percent or higher in 2026, placing them among the fastest-growing economies on the continent.
Despite this positive outlook, the AfDB cautioned that structural weaknesses, fiscal pressures and global economic uncertainties continue to pose risks to sustained growth across the region.
