Ghana’s economy is projected to grow by 5.2 per cent in 2026 and 5.7 per cent in 2027, according to the International Monetary Fund’s (IMF) latest World Economic Outlook, despite persistent global economic uncertainties.
The IMF’s October 2026 report, titled Resilience Under Strain, Urgent Choices, said Ghana’s economic growth would moderate from 6.0 per cent recorded in 2025 but remain relatively strong compared with other economies in sub-Saharan Africa.
Growth across sub-Saharan Africa is projected to remain at 4.5 per cent in 2026, while global economic growth is expected to reach 3.1 per cent in 2026 and 3.4 per cent in 2027.
The Fund also projected a significant decline in Ghana’s consumer price inflation to 4.8 per cent in 2026, from 14.2 per cent in 2025, before rising to 7.8 per cent in 2027.
Ghana’s current account surplus is expected to remain strong at 6.0 per cent of Gross Domestic Product (GDP) in 2026 and 5.6 per cent in 2027, supported by favourable terms of trade and elevated gold prices.
Gold accounted for 67 per cent of Ghana’s total goods exports in 2025, highlighting the commodity’s importance to the country’s external earnings.
The IMF classified Ghana among the region’s middle-income economies, alongside South Africa, Kenya, Côte d’Ivoire, Cameroon and Senegal.
Nigeria, Africa’s largest economy, is projected to grow by 4.2 per cent in 2026, while South Africa’s economy is expected to expand by just 1.0 per cent over the same period.
On the global outlook, the IMF said the world economy had demonstrated resilience despite successive shocks, including the COVID-19 pandemic, the wars in Ukraine and the Middle East, and significant changes in trade barriers.
However, global headline inflation is projected to rise to 4.7 per cent in 2026 before easing to 4.1 per cent in 2027, largely driven by higher energy and food prices.
The report warned that the apparently stable global growth outlook conceals significant differences among economies.
Countries with limited direct exposure to the Middle East conflict and stronger participation in the technology boom are sustaining economic activity, while energy-importing nations with limited links to technology supply chains face higher import costs, declining real incomes and tighter fiscal conditions.
For sub-Saharan Africa, the IMF said oil-importing countries with limited natural-resource production were particularly vulnerable to rising energy and food prices.
It added that larger economies continued to benefit from previous stabilisation measures and economic reforms, although higher prices for essential goods in Nigeria could worsen poverty and food insecurity despite improved macroeconomic stability and favourable terms of trade.
The Fund urged governments to rebuild fiscal buffers amid elevated public debt, rising borrowing costs and growing pressure on public finances.
It recommended that any measures introduced to cushion households and businesses against higher energy and food prices should be temporary, targeted and designed to minimise market distortions without undermining fiscal sustainability.
The IMF also stressed the need for structural reforms to strengthen energy security, improve preparedness for artificial intelligence and preserve open trade and international cooperation.
It said these measures would be critical to improving economic resilience as countries face increasingly frequent global shocks.
The projections for Ghana also follow a credit-rating upgrade by Moody’s Ratings, which raised the country’s rating to B3 from Caa1 on October 9, 2026, citing improved debt affordability and sustained fiscal discipline.
