Ghana’s economy has witnessed remarkable growth, reaching an estimated value of GH₵1.4 trillion (approximately $135.1 billion) by the end of March 2025. This marks a substantial increase of GH₵224 billion ($21.6 billion) compared to the GH₵1.176 trillion ($112.9 billion) recorded at the close of 2024, according to the latest data from the Bank of Ghana.
Key Drivers of Growth
This impressive expansion is fueled by robust performances in key export sectors and a strengthening of the Ghanaian cedi against major international currencies.
1. Gold Exports
Gold, one of Ghana’s top export commodities, saw a significant boost in earnings. Exports surged from $3.72 billion in March to $5.25 billion in April, representing an extraordinary 40.8% month-on-month growth.
2. Cocoa Exports
Cocoa exports also experienced strong gains, increasing from $1.50 billion to $1.84 billion within the same period, reflecting a growth rate of 22.5%.
The surge in these key sectors has had a cascading effect on the economy, enhancing fiscal revenues and strengthening the country’s current account position.
Impact of the Strengthening Cedi
The appreciation of the Ghanaian cedi has further amplified the economy’s value in dollar terms. A stronger cedi not only boosts investor confidence but also enhances the competitiveness of Ghanaian exports on the global market.
Economic Outlook
With these positive trends, Ghana’s economy is expected to continue its upward trajectory. The government and stakeholders remain optimistic, as sustained growth in commodity exports, combined with prudent fiscal and monetary policies, could further solidify Ghana’s position as a leading economy in the West African sub-region.
The consistent strengthening of the cedi, coupled with strategic investments in key sectors, positions the country for long-term economic stability and resilience.
Story by: Mercy Addai Turkson #ahotoronline.com
