GDP Growth: Ghana Enters Top 10 African Economies as Debt Falls 

Ghana’s Gross Domestic Product (GDP) growth has taken center stage following President John Dramani Mahama’s State of the Nation Address, where he declared that Ghana is once again among the top 10 largest economies in Africa.

Delivering the constitutionally mandated address before Parliament, President Mahama said the country’s economic fundamentals are strengthening, positioning Ghana as open for business and ready for sustained growth.

According to the President, Ghana’s Gross Domestic Product is projected to hit 113 billion dollars in 2025, a sharp rise from 83 billion dollars at the end of 2024. This growth places Ghana among the top 10 African countries with the largest economies, a milestone he described as evidence that the Resetting Ghana Agenda is yielding results.

He reported that the average GDP growth for the first three quarters of 2025 stands at 6.1 percent. The primary surplus reached 2.6 percent of GDP, exceeding the government’s target of 1.5 percent. The fiscal deficit closed at 3.1 percent, below the projected 3.8 percent.

President Mahama noted that these figures reflect what he called disciplined governance. He said the government chose expenditure control over waste and reforms over excuses, tightening commitment systems and conducting a comprehensive audit of 2024 financial commitments to restore credibility to public finances.

The president emphasized that the economic turnaround is already benefiting households and businesses. “We tightened expenditure and commitment controls. We improved payables reporting and conducted a comprehensive audit of 2024 commitments to restore credibility and discipline. Mr. Speaker, these measures have begun to deliver some of the most remarkable economic outcomes in decades,” he said. 

Reflecting on Ghana’s recent challenges, President Mahama described December 19, 2022, as one of the darkest days in the country’s economic history. On that day, Ghana declared its inability to honor debt obligations and placed a moratorium on domestic and foreign debt repayments, triggering a complex restructuring process.

He criticized previous debt arrangements, noting that large repayment obligations had been pushed into the 2025 to 2028 period, creating pressure for the current administration. However, he said decisive action was taken to confront the crisis.

Government interventions included the establishment of sinking funds, restructuring of obligations, and the pursuit of bilateral agreements. As a result, public debt fell by 82.1 billion Ghana cedis, reducing the debt-to-GDP ratio from 61.8 percent to 45.3 percent. The president described this as one of the sharpest debt reductions in Ghana’s history.

He also revealed that on January 2 this year, Ghana settled a 709 million dollar Eurobond ahead of schedule, completing 1.4 billion dollars in debt service initially due in 2025.

As Ghana approaches its 69th Independence Anniversary, President Mahama said the country does so with renewed hope, insisting that sound policy, fiscal discipline, and inclusive growth are laying the foundation for a more resilient and prosperous economy.