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.
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. Continued IMF program implementation is critical for stabilization and inclusive growth.
