BoG forecasts 6% growth in second half of 2026

The Bank of Ghana is forecasting economic growth of around 6% in the second half of 2026 as the country’s economic recovery gains further momentum.History

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.

“Looking ahead, we expect growth of around 6 percent in the second half of the year, as this recovery matures,” Dr Asiama said at the Fidelity Bank Debt Capital Markets Conference 2026.

Ghana’s real GDP growth strengthened to about 6% in 2025, up from 2.8% in 2023, with services and agriculture supporting the expansion alongside mining and a broader industrial recovery.

The momentum has continued into 2026, with the economy growing by 6.4% in the first quarter, compared with 6.2% during the same period in 2025.

Dr. Asiama said the improved growth outlook is being accompanied by a stronger external position, supported by increased receipts 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.

The country’s gross international reserves stood at $12.9 billion at the end of June 2026, equivalent to five months of import cover.

The Governor also said the cedi has remained broadly stable in 2026, following a 40.7% appreciation against the US dollar in 2025 after losing nearly 20% of its value in 2024.

He said the stability of the local currency has helped ease 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,” Dr Asiama remarked.

He attributed the broader economic recovery to fiscal consolidation, supported by stronger domestic revenue mobilisation, prudent expenditure management and efforts to restore debt sustainability.

“Fiscal consolidation has been a key pillar of Ghana’s economic recovery,” he said.

The Governor said the progress reflects the impact of coordinated policy measures implemented since the economic and financial challenges of 2022 and 2023, with the recovery now entering a more sustained phase.