The Bank of Ghana (BoG) is forecasting economic growth of around 6% in the second half of 2026, as Ghana’s economic recovery continues to gain momentum.
Governor of the Bank of Ghana, Dr Johnson Asiama, said the recovery has become firmly established, supported by coordinated fiscal and monetary policies, structural reforms and the implementation of the IMF-supported programme.
Speaking at the Fidelity Bank Debt Capital Markets Conference 2026, Dr Asiama said the economy is expected to maintain its positive trajectory.
“Looking ahead, we expect growth of around 6 percent in the second half of the year, as this recovery matures,” he said.
Ghana’s real GDP growth strengthened to about 6% in 2025, up from 2.8% in 2023, with services and agriculture contributing to the expansion alongside mining and a broader recovery in industry.
The positive momentum has continued into 2026, with the economy recording 6.4% growth in the first quarter, compared with 6.2% during the same period in 2025.
Strong export earnings boost reserves
Dr Asiama said the improved growth outlook has been accompanied by a stronger external position, driven largely by increased earnings from gold and cocoa exports.
“Strong gold and cocoa receipts have delivered a trade surplus of about 8.8 billion in the first half of this year,” he stated.
Ghana’s gross international reserves stood at $12.9 billion at the end of June 2026, providing approximately five months of import cover.
Cedi remains broadly stable
The Governor also highlighted the relative stability of the Ghana cedi in 2026.
He noted that the cedi appreciated by 40.7% against the US dollar in 2025, after losing nearly 20% of its value in 2024.
According to Dr Asiama, the currency has remained broadly stable this year, helping to reduce imported inflation and strengthen confidence in the economy.
“The cedi, which had appreciated last year by 40.7 percent after losing nearly 20 percent in its value in 2024, has held broadly stable into this year, easing imported inflation and reinforcing confidence.”
Fiscal consolidation
Dr Asiama attributed the broader economic recovery to fiscal consolidation, stronger domestic revenue mobilisation, prudent expenditure management and measures aimed at restoring debt sustainability.
“Fiscal consolidation has been a key pillar of Ghana’s economic recovery,” he said.
He said the progress reflects the impact of coordinated policy measures introduced following the economic and financial difficulties of 2022 and 2023, adding that Ghana’s recovery is now entering a more sustained phase.
Source: citinews
