Ghana overtakes Côte d’Ivoire as West Africa’s second largest economy – President Mahama
President John Dramani Mahama has announced that Ghana has reclaimed its position as the second largest economy in West Africa, with the country’s Gross Domestic Product (GDP) now estimated at $113 billion.
Speaking at the sod-cutting ceremony for the new float glass plant and the inauguration of the fifth phase of Keda Ghana Ceramics’ tile production line in Shama, President Mahama said Ghana’s economic recovery reflects the success of government’s economic reset agenda and renewed focus on production-driven growth.
“Today, I am pleased to announce that the story is different. Through our reset agenda, we have restored macroeconomic stability, revived investor confidence, and repositioned Ghana as a serious destination for productive investment,” the President stated.
He noted that Ghana’s economic rebound has seen the country surpass Côte d’Ivoire, which had overtaken Ghana in 2022.
“In 2022, something happened that most of us did not notice. Côte d’Ivoire overtook Ghana as the second largest economy in West Africa. Nigeria has always been first, with a GDP of about $300 billion, and Ghana followed with around $75 billion. Today, Ghana’s GDP has exceeded the $100 billion mark. It is estimated at $113 billion, and it has earned us our second position again, in front of our Côte d’Ivoire brothers,” he announced.
The President said the recovery demonstrates the importance of industrialization and export-led growth in strengthening the national economy.
“This is how to build a strong economy. This is how to build a strong currency. Production underpins the value of a currency, not by speculation, but by production and exports,” he emphasized.
He credited the progress to government policies aimed at boosting manufacturing, expanding exports, and supporting private sector investment.
“As I stand here today, I see a reduction in our import bill. I see an increase in our exports. I see a stronger cedi. I see high-value jobs for our youth, and I see Ghana emerging as a giant of West African manufacturing,” he said.
President Mahama also linked the economic achievement to Ghana’s industrial expansion initiatives, including new manufacturing facilities and export-oriented investments.
“Industrialization succeeds when government provides stability, investors provide capital, and communities provide partnership. This is a model that works — government, investors, and local communities working together,” he stated.
He further urged Ghanaians to remain committed to production and value addition as the country seeks to consolidate its economic gains under the African Continental Free Trade Area (AfCFTA).
“Trade agreements alone do not create prosperity. Production does. Value addition does. Competitive exports create prosperity,” he added.
The President expressed optimism that sustained industrial growth would further strengthen Ghana’s economic fundamentals and improve living standards for citizens.
“This is not a distant ambition. This is not a dream. It is a reality that is happening today,” he concluded.
