Ghana’s economy has crossed the US$100-billion mark for the first time, President John Dramani Mahama announced Thursday, presenting what he described as evidence of a broad economic recovery following years of fiscal crisis and debt distress.
Delivering his State of the Nation Address to parliament, Mahama said Ghana’s gross domestic product (GDP) is projected to reach US$113 billion, up sharply from US$83 billion recorded at the end of 2024, placing the West African nation among Africa’s ten largest economies.
Average GDP growth reached 6.1 percent across the first three quarters of 2025, he said, attributing the expansion to fiscal discipline, export growth and macroeconomic stabilisation measures introduced after the country’s debt default in 2022.
“But growth means nothing without discipline,” Mahama told lawmakers, stressing that economic expansion must be supported by prudent financial management.
Ghana declared a suspension of debt repayments in December 2022 after mounting borrowing costs pushed the country into default a moment Mahama described as one of the darkest periods in the nation’s economic history.
Since taking office, the government has pursued debt restructuring agreements, established sinking funds and negotiated bilateral arrangements aimed at restoring sustainability.
Public debt has since fallen by 82.1 billion Ghana cedis, reducing the debt-to-GDP ratio from 61.8 percent to 45.3 percent, one of the sharpest declines recorded in recent decades, the president said.
Mahama added that Ghana settled a US$709 million Eurobond payment ahead of schedule early this year, completing debt servicing obligations initially scheduled for 2025.
International credit rating agencies subsequently upgraded Ghana’s ratings, marking what he described as the country’s first triple upgrade in years.
Inflation which peaked at 54.1 percent in 2022 declined to 3.8 percent by January 2026, supported by fiscal consolidation and tighter monetary policy.
Food inflation dropped significantly, while fuel prices also declined, easing pressure on households and businesses, Mahama said.
The Ghanaian cedi strengthened sharply, appreciating more than 40 percent against the US dollar, helping reduce imported inflation and stabilise business planning conditions.
Foreign reserves rose to US$13.8 billion, covering nearly six months of imports, supported partly by increased gold exports following the establishment of the Ghana Gold Board aimed at formalising small-scale mining output.
Mahama said the government’s newly introduced Ghana Accelerated National Reserve Accumulation Policy seeks to increase reserves to cover 15 months of imports by 2028, insulating the economy against global shocks.
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He also highlighted tax reforms, including the abolition of several levies and VAT restructuring measures, which he said returned about 6 billion Ghana cedis to households and businesses.
According to official data cited in the speech, more than one million jobs were created between early 2025 and late 2025, while nearly 950,000 people exited multidimensional poverty.
Mahama said Ghana had moved “decisively from planning to action” through initiatives such as the newly legislated 24-hour economy programme aimed at boosting productivity and exports.
“These are not just statistics,” he said. “They translate into families putting food on the table and businesses creating opportunities.”
