Ghana’s economy has grown by 5.3%; the highest since 2020” – Ato Forson
Ghana’s economy expanded by 5.3 per cent in the first half of 2025, recording its strongest performance since the disruptions caused by the global crisis in 2020.
Finance Minister Dr Cassiel Ato Forson told Parliament on July 24, 2025, during the presentation of the 2025 Mid-Year Budget Review, that the latest growth rate exceeds the 4.9 per cent recorded during the same period in 2024.
"Despite global economic uncertainties, Ghana's economy recorded growth of 5.3 per cent, up from 4.9 per cent last year. This is the highest first-half performance since 2020," Dr Forson said.
He attributed the improvement to what he described as careful fiscal discipline, sound monetary policy, and targeted reforms that have started to build a base for steady recovery and expansion.
The agriculture sector led the growth, expanding by 6.6 per cent and contributing 26.4 per cent to overall output. The fishing sub-sector was the strongest performer within agriculture, recording a growth rate of 16.4 per cent.
“The agriculture sector led this growth with a 6.6 per cent increase, nearly three times the growth recorded in the first half of 2024,” Dr Forson said.
The services sector, which accounts for 46.8 per cent of the economy, grew by 5.9 per cent and contributed 47.9 per cent to total growth. The main driver was the information and communications sub-sector, which grew by 13.1 per cent.
Industry grew by 3.4 per cent, with manufacturing alone expanding by 6.6 per cent. Dr Forson said this reflects a gradual recovery in Ghana’s industrial base.
He also reported that non-oil GDP growth reached 6.8 per cent in the first half of the year, compared to 4.3 per cent during the same period in 2024. “This is the highest non-oil growth recorded since 2018,” he noted.
Dr Forson said the government had set a real GDP growth target of at least 4 per cent for the year, meaning the 5.3 per cent recorded so far puts the country ahead of expectations.
“With the introduction of the 24-hour economy policy, the Big Push Programme and the Agriculture for Economic Transformation Programme, we expect to sustain this growth and possibly exceed the year-end target,” he said.
Inflation fell from 23.8 per cent in December 2024 to 13.7 per cent in June 2025, while the Ghana cedi appreciated by 42.6 per cent against the US dollar over the same period.
Dr Forson said these improvements showed that the economy was recovering steadily, but urged continued discipline.
“We have moved from promises to purpose, from ineptitude to action, and from distress to relief,” he told Parliament.
He said the government was now focused on consolidating the recovery and restoring investor trust in Ghana’s economic management.
