Ghana News Resources: Economy, Politics, and Key Information

Nov 06, 2025 0

AboutGhana sits on the Atlantic Ocean and borders Togo, Côte d'Ivoire, and Burkina Faso. Its population is about 34.4 million (2024). In the past two decades, it has taken major strides towards democracy under a multi-party system, with its independent judiciary winning public trust.

Ghana has achieved significant economic and social progress over three decades, attaining middle-income status in 2011. More than 20% of the population continue to experience poverty, with rates exceeding 50% in northern regions. Rising deficits and debt have increased macroeconomic risks and financing costs in recent years.

President John Dramani Mahama was elected in the December 2024 elections. Mr. Mahama’s administration faces a challenging environment in leading Ghana on a path of debt sustainability by enhancing fiscal discipline, expanding tax revenue, and completing the debt restructuring with external creditors under the IMF program.

Economic Overview

In 2022, a combination of policy challenges and external factors contributed to a macroeconomic crisis, resulting in the closure of international markets, depreciation of the cedi, increased inflation, and decreased private credit due to domestic borrowing. Growth fell to 3.8% (2022); debt reached 92.6% of GDP. Ghana launched an IMF-supported recovery program, including comprehensive debt restructuring. By 2024, Ghana successfully executed a $13 billion Eurobond exchange and entered a Memorandum of Understanding with the Official Creditor Committee. In 2025, Eurobond service resumed, and domestic coupon payments continued.

Stabilization has improved conditions, with 2024 growth at 5.7% and 2nd quarter of 2025 real GDP up 6.3% year on year, led by services and agriculture. The cedi appreciated sharply, supported by policy tightening and improved reserves. Inflation eased to 11.5% in August 2025. The external position strengthened, with a current account surplus and rising reserves.

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Fiscal adjustment in 2025 aims for a 1.5% GDP primary surplus, with spending restraint and no new arrears. Financial soundness is broadly stable, though Non-Performing Loans remain high and with real private credit growth being negative. Output growth is projected to soften to 4.3% in 2025 as fiscal adjustment and global uncertainty weigh on demand. Medium-term prospects will be dependent on stabilization, reforms, and new oil production.

Lower inflation and increased growth in agriculture and services should reduce the Low- and Middle-Income poverty rate to 53.3% by 2025.

Map of Ghana showing its regions

Key Sectors and Resources

The extractives sector contributes significantly to Ghana’s economy. Gold mining has been important for the country for over a century, and Ghanaians have more recently held high hopes for the country’s oil and gas. However, the shifting global energy landscape poses a risk to oil revenues. Ghana has the potential to reap economic and social benefits, such as employment and industrial growth, from the extractive industries.

NRGI works with government ministries and agencies (including national oil company GNPC), statutory bodies, parliamentarians, civil society actors, academics and journalists to develop capacity to address the challenges related to Ghana’s extractive resources in the context of the energy transition.