Ghana’s economy is projected to maintain its growth momentum into 2025, with Gross Domestic Product (GDP) forecast to expand by 5.4% year-on-year, according to Jibran Qureishi, Head of Africa Research at Standard Bank Group.
- Ghana’s GDP projected to grow by 5.4% in 2025
- Mining sector, especially gold production, driving economic resurgence
- Challenges persist in non-mining sectors like manufacturing and real estate
Mr Qureishi shared this outlook during the Stanbic Economic Series webinar, themed “The Economy under a New Era”, highlighting key drivers of growth and structural risks that could influence the country’s economic performance.
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Strong recovery in 2024 sets stage for 2025
According to Mr Qureishi, Ghana’s economic performance in 2024 showed impressive resilience, with GDP growth reaching 5.8% year-on-year, up from 2.9% in 2023.
“This is the fastest rate of economic growth since 2021, and we anticipate this momentum will continue, with projected growth of 5.4% in 2025 and 5.7% in 2026,” he noted.
Mining sector remains a key driver
He emphasised the mining sector’s pivotal role in driving Ghana’s economic resurgence, especially gold production.
“There has been a notable pickup in mining activities across the country, with gold leading the charge,” he explained.
Mr Qureishi also pointed to the revival of underperforming mines such as Obuasi, and the anticipated launch of a large lithium facility around 2026/2027, which he believes will significantly strengthen future economic output.
Non-mining sectors face ongoing challenges
Despite positive developments in the mining industry, other sectors are still grappling with difficulties.
“While mining is flourishing, sectors such as manufacturing and real estate continue to face persistent headwinds,” Mr Qureishi observed.
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He added that agricultural productivity had also been negatively impacted by last year’s dry spell in Northern Ghana, hampering growth in that area.
Although optimistic, Mr Qureishi cautioned that structural weaknesses must be addressed to sustain growth.
“The revival of key mining operations and the potential for stronger-than-expected growth in 2026 highlight the resilience of Ghana’s economy,” he said, “but issues such as energy sector arrears and fiscal imbalances must be tackled for growth to remain stable.”
