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Ghana

Gold boom and tighter budgets keep Mahama’s economy on the road

The 2026 plan cuts the deficit again, using savings from lower debt-service to pay for higher social spending, winning market plaudits

Ghana’s economy is on the mend. Finance Minister Cassiel Ato Forson set out the 2026 budget on 13 November claiming to have stabilised macroeconomic conditions. Treasury data showed that GDP was up 6.3% year on year in the first half of 2025, compared with 5.1% in the same period of 2024, driven mainly by agriculture and services. Inflation has fallen from 23.8% in December 2024 to about 8% year on year in October 2025. Ato Forson expects inflation to stay around 8% in 2026. Analysts believe it could dip even further if bottlenecks in domestic food production are addressed and exposure to imported food price shocks is reduced.

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