Ghana's economy has demonstrated remarkable resilience in the face of a global economic downturn, according to a report by S&P Global. The country's economy expanded by 6.7 per cent in the first half of 2026, driven by a robust services sector and a recovery in oil and gas production. This growth is a testament to the economy's ability to withstand external shocks. The report highlighted that business confidence softened in April, as indicated by a decline in the Purchasing Managers' Index (PMI) to 50.3 from 51.4.
The services sector played a crucial role in Ghana's economic growth, with the Information and Communications Technology (ICT) sector recording a year-on-year growth of nearly 31 per cent in the second quarter. This sector contributed more than 40 per cent to overall GDP growth, making it a significant driver of the country's economic expansion. Additionally, strong gold production continued to support disposable incomes of small-scale miners, underpinning strong domestic demand.
The Bank of Ghana's Composite Index of Economic Activity rose by 13.4 per cent year-on-year in May 2026, following a 12.6 per cent expansion in March. This growth was supported by strength in trade, tourism, and industrial production, indicating an improvement in domestic and external investor sentiments. Lower exchange rate volatility and the finalisation of the comprehensive debt restructuring programme also contributed to this positive trend.
S&P Global noted that Ghana's fiscal position has improved due to the implementation of fiscal rules and tighter enforcement of procurement oversight over the past 18 months. These measures are expected to help Ghana strengthen its fiscal position and improve the management of public finances. Historically, Ghana has struggled to maintain fiscal prudence through political and economic cycles, having participated in 18 IMF programmes.
Ghana's external position has also shown significant improvement, driven by its success in capitalising on high gold prices and formalising small-scale mining production. The country's current account recorded a record surplus of 7.8 per cent of GDP in 2025, a notable achievement. However, Ghana's susceptibility to terms-of-trade shocks is rising due to its reliance on gold exports, which now account for more than 60 per cent of export receipts.
The country's economy is heavily reliant on a few key commodities, with cocoa accounting for nearly 13 per cent of total exports and crude oil contributing close to nine per cent. Together, these three commodities account for more than 55 per cent of total current account receipts, making Ghana vulnerable to fluctuations in global commodity prices. S&P Global's report highlights the need for diversification to mitigate this risk.
In conclusion, S&P Global's report praises Ghana's economy for its resilience amid the global economic downturn. The country's robust services sector, recovery in oil and gas production, and strong gold production have all contributed to its economic growth. However, Ghana must address its susceptibility to terms-of-trade shocks and work towards diversifying its economy to ensure sustained growth and stability.
Key points
- Ghana's economy expanded by 6.7 per cent in the first half of 2026.
- The ICT sector recorded year-on-year growth of nearly 31 per cent in the second quarter.
- Ghana's current account recorded a record surplus of 7.8 per cent of GDP in 2025.
