ACCRA, Ghana, 13th October: President John Dramani Mahama has said Ghana’s economy is projected to grow by 5.7 per cent in 2026, citing the International Monetary Fund’s latest forecast as evidence of the country’s improving economic performance.
The President said the projection placed Ghana ahead of the average growth rate expected for sub-Saharan Africa, which he put at approximately four per cent.
Speaking during a courtesy call by chiefs of the Western North Region at the Presidency, President Mahama said his administration inherited a difficult economic situation when it assumed office on January 7, 2025.
According to him, the situation had been shaped by Ghana’s debt default and economic crisis, which began in 2022 and necessitated the introduction of austere measures to stabilise the economy.
He said those measures had begun yielding results, although the government recognised that improvements in macroeconomic indicators did not immediately translate into jobs.
“The average growth predicted for sub-Saharan Africa is just about 4 per cent, and so it shows that we are still seeing strong growth,” he stated.
President Mahama recalled that Ghana recorded growth of approximately six per cent in 2025, adding that he believed the economy could have expanded by more than seven per cent in 2026 but for geopolitical tensions involving Iran and Israel and rising petroleum costs.
He expressed hope that international conditions would stabilise to support further economic improvement.
The President also highlighted falling interest rates as a positive development, explaining that lower borrowing costs could encourage private businesses to invest, expand production and employ more people.
He said the government had reduced its reliance on domestic borrowing, allowing banks to redirect more funds towards private businesses.
According to him, Treasury bill rates had declined from approximately 29 per cent to around seven per cent, making lending to private companies more attractive to financial institutions.
President Mahama said these developments, alongside government investments in infrastructure and productive sectors, are expected to support employment creation.
He pointed to the construction industry and expanding manufacturing businesses as areas already generating jobs.
The President also outlined plans for a proposed US$10 billion New Economy Policy, which he said would invest in nine priority sectors over five years to accelerate growth and employment.
He maintained that continued investment in productive sectors would be necessary to translate economic stability into improved livelihoods for Ghanaians.
Story by: Emmanuel Romeo Tetteh(#RomeoWrites✍️)/ Presidential Affairs Correspondent | Ghana 🇬🇭