What is Ghana's revised GDP growth forecast for this year, and what key reforms are credited with driving the improved outlook?

Ghana’s GDP growth forecast has been raised to 'more than 6% this year, compared with a previous forecast of 4.8%', according to Finance Minister Cassiel Ato Forson. The improved outlook is attributed to 'budget and foreign-exchange reforms' that have helped offset external shocks—including rising global fuel, food, and fertilizer costs linked to the US-Israeli war on Iran—as well as strong performance in gold and cocoa exports and 'stronger output in the broader agriculture and services sector', which Forson identified as the main driver: 'It is the real sector activities in agriculture and services that is actually driving' the better outlook.

How has Ghana’s macroeconomic stability improved since early 2025, and what role has the IMF program played in this recovery?

Since President John Mahama took office in January 2025, Ghana has implemented tax abolitions to stimulate spending, cut government expenditure, and established a state-run gold-buying company to boost reserves and stabilize the cedi—measures that contributed to inflation falling to '3.4% from more than 21% a year earlier' and foreign reserves rising to '$14 billion at the end of April from about $10.7 billion a year before'. This recovery follows Ghana’s 2022 debt default and has been supported by a '$3 billion International Monetary Fund program', now scheduled to end by August; Ghana has requested transition to the IMF’s non-lending Policy Coordination Instrument to anchor reforms for another three years, focusing on curbing debt accumulation at state-owned enterprises and reducing the government’s '$2 billion annual spending' to support the energy industry.

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