The World Bank has maintained its forecast for Ghana's growth rate at 4.8% in 2026, as disclosed in its October 2026 Africa Economic Update. This projection is driven by the services sector, a recovery in oil and gas activities, and ongoing structural and fiscal reforms under national programmes. The Bretton Woods institution also projects a 4.9% GDP growth for Ghana in 2027.
According to the World Bank, Ghana's economic activity remained robust in the second quarter of 2026, although growth moderated slightly. Real GDP expanded by 6.0% year-on-year, down from 6.6% in the same period in 2025. On the expenditure side, growth was underpinned by strong domestic demand, with investment surging by 53.0% and domestic demand rising by 11.2%, signaling continued strength in private and public spending.
The services sector remained the main engine of growth, expanding by 8.0% and accounting for nearly three-fifths of overall GDP growth, with ICT activity rising by 30.9%. Industrial growth strengthened to 4.3% from 2.4% a year earlier, supported by a sharp increase in oil and gas production. In contrast, agricultural growth slowed to 3.9% from 7.1%, reflecting a steep contraction in fishing activity.
Overall, the World Bank said growth remained concentrated in services, ICT, and hydrocarbons, while momentum weakened across parts of the non-oil economy. The report also noted that economic growth in the West and Central Africa (AFW) subregion is projected to remain steady at 4.5% in 2026, unchanged from 2025, before strengthening modestly to an annual average of 4.7% in 2027–28.
The subregional performance continues to be shaped by developments in Nigeria, the largest economy in AFW. Excluding Nigeria, growth is estimated to moderate from a robust 5.4% in 2025 to 5.0% in 2026, before recovering to an average of 5.3% during 2027–28. The World Bank also noted that growth in Sub-Saharan Africa is expected to increase to 4.3% in 2026, but its poverty-reducing impact will likely remain limited.
The World Bank's forecast is based on its assessment of Ghana's economic performance in the second quarter of 2026. The report highlighted that Ghana's growth prospects are closely tied to the implementation of structural and fiscal reforms under national programmes. The World Bank's projections are also influenced by global economic trends and commodity prices.
The World Bank's Africa Economic Update is a comprehensive report that provides an assessment of the economic performance of African countries. The report highlights the challenges and opportunities facing the region and provides policy recommendations to support economic growth and development. The report is an important tool for policymakers, investors, and other stakeholders seeking to understand the economic trends and prospects in Africa.
Key points
- World Bank maintains Ghana's 2026 growth forecast at 4.8%
- Growth driven by services, oil and gas recovery, and structural reforms
- Ghana's growth prospects closely tied to implementation of structural and fiscal reforms
