Ghana now seventh largest economy in Africa — Mahama

President John Dramani Mahama has announced that Ghana is now ranked the seventh largest economy in Africa, describing the milestone as clear evidence of the country’s renewed macroeconomic stability and growing investor confidence.

Speaking at the sod-cutting ceremony for a new float glass manufacturing plant in Shama, the President said Ghana’s economic rebound over the past year has repositioned the country strongly on the continental stage.

“In the recent rankings of African economies, Ghana is now the seventh largest economy on the continent,” President Mahama declared. “I am pleased to announce that we have also overtaken Côte d’Ivoire as the second largest economy in West Africa.”

He recalled that just over a year ago, Ghana’s economic outlook was uncertain, with weakening investor confidence and pressure on the manufacturing sector.

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

According to President Mahama, early 2025 was marked by doubts about the country’s ability to 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,” he noted. “Today, I am pleased to announce that the story is different.”

The President attributed the turnaround to his administration’s Reset Agenda, which he said restored macroeconomic stability and revived investor trust.

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

President Mahama disclosed that Ghana’s Gross Domestic Product (GDP) has now exceeded the $100 billion mark, currently estimated at $113 billion — a development that has strengthened the country’s regional standing.

“In 2022, something happened that most of us did not notice — Côte d’Ivoire overtook Ghana as the second largest economy in West Africa,” he explained. “Today, Ghana’s GDP has exceeded $100 billion, and it has earned us our second position again in front of our Côte d’Ivoire brothers.”

He stressed that economic rankings are not merely symbolic but reflect deeper structural progress.

“This is evidence that disciplined economic management delivers results,” the President said.

President Mahama further linked Ghana’s improved continental ranking to increased industrial production and export growth, arguing that sustainable economic strength must be built on real sector expansion.

“Production underpins the value of a currency — not speculation, but production and exports,” he emphasised.

He added that Ghana’s hosting of the African Continental Free Trade Area (AfCFTA) Secretariat must translate into manufacturing strength and competitive exports.

“Trade agreements alone do not create prosperity. Production does. Value addition does. Competitive exports create prosperity,” President Mahama stated.

He expressed confidence that Ghana’s economic resurgence is not temporary but the beginning of sustained transformation.

“This is not a distant ambition. It is a reality that is happening today,” he said.