Ghana reclaims second largest economy spot in West Africa with $113bn GDP – 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 exceeding $113 billion.

Speaking at the commissioning and sod-cutting ceremony for new industrial projects by Keda Ghana Ceramics in Shama, the President said the milestone reflects a significant economic turnaround under the government’s reset agenda.

“Just over a year ago, our nation stood at a crossroads. Our manufacturing base was under strain. Foreign investment had dwindled to just a trickle. Investor confidence had weakened,” President Mahama stated.

He noted that in early 2025, many doubted whether Ghana could recover quickly.

“Many questioned whether we would be able to make a swift turnaround or whether it would take years to rebuild stability and confidence. Today, I am pleased to announce that the story is different,” he said.

According to him, deliberate policy interventions have restored macroeconomic stability and revived investor confidence.

“Through our reset agenda, we have restored macroeconomic stability, we have revived investor confidence, and we have repositioned Ghana as a serious destination for productive investment,” he declared.

President Mahama revealed that Ghana’s GDP has now crossed the $100 billion mark, reaching an estimated $113 billion — a development that places the country ahead of Côte d’Ivoire once again.

“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 stressed that the rebound is being driven by production and exports rather than speculation.

“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 linked Ghana’s improved economic standing to renewed industrial expansion, including the establishment of a new 1,400-ton-per-day float glass manufacturing facility and expanded tile production capacity in Shama.

“When completed, this will be one of the largest float glass facilities in Africa. We are going to export glass from here to other African countries and also to Europe and other destinations,” he said.

President Mahama also highlighted the broader economic benefits of the industrial projects, including import substitution, foreign exchange savings, job creation and increased tax revenue.

“At full capacity, the export earnings alone are projected to be almost $100 million annually. This factory is going to reduce our imports of glass, save us foreign exchange, strengthen supply chain reliability, and position Ghana as a major regional exporter,” he noted.

Reaffirming government’s commitment to industrial transformation, the President said Ghana must leverage its position as host of the African Continental Free Trade Area (AfCFTA) Secretariat to build manufacturing strength.

“Trade agreements alone do not create prosperity. Production does. Value addition does. Competitive exports create prosperity,” he said.

President Mahama expressed optimism that sustained industrial growth will further strengthen the cedi and expand fiscal space for national development.

“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 declared.

He concluded by officially declaring the sod-cutting for the new float glass manufacturing facility duly performed, the fifth phase of the tile production line inaugurated, and the sanitary ware factory commissioned.