Ghana climbs to 8th largest economy in Africa-Mahama

President John Dramani Mahama has announced that Ghana has risen to become the 8th largest economy in Africa, citing strong macroeconomic recovery and sustained growth under his administration.

Speaking during a courtesy call by the CEOs Network Ghana, the President said the country’s Gross Domestic Product (GDP) has surpassed the $100 billion mark and is currently estimated at about $114 billion, up from its previous ranking as the 11th largest economy on the continent.

“Our economy has surpassed the $100 billion mark. Our GDP is now estimated at about $114 billion, and we’ve jumped from number 11 in Africa to number eight in terms of GDP size,” he stated.

President Mahama attributed the progress to deliberate policy measures aimed at stabilising the economy and restoring investor confidence. He noted that the gains are being achieved alongside efforts to build a more resilient and shock-resistant economic framework.

He highlighted key improvements in macroeconomic indicators, including a sharp decline in inflation from 23.4 percent in March 2024 to 3.2 percent in March 2026, as well as a reduction in interest rates to about 16 percent. The Bank of Ghana’s reference rate, he added, now stands at 10 percent.

“These gains are being sustained alongside a deliberate policy focus on maintaining macroeconomic stability while building a more resilient and shock-resistant economy,” the President said.

He further indicated that Ghana is on track to exit debt distress soon, with debt levels returning to sustainable levels.

“Ghana is in pole position to be declared free of debt distress in the next one month or so,” he added.

Touching on the business climate, President Mahama said confidence has significantly improved, resulting in increased foreign direct investment and a rise in domestic investment.

He also noted that reduced government borrowing has eased pressure on the financial sector, allowing greater access to credit for businesses.

“Government’s appetite for debt has reduced as we are borrowing less from the Treasury market and the banking sector. This has eased the crowding-out effect and improved access to credit for the private and business sectors,” he explained.

President Mahama reaffirmed government’s commitment to sustaining the recovery while creating a more enabling environment for private sector growth and job creation.