Economy growing, inflation falling

Ghana is one of the most attractive locations in West Africa. The country is considered politically stable, has one of the fastest growing economies on the continent and a multi-party system as well as an independent judiciary. There is also a higher number of well-trained workers than in many other emerging and developing countries.

The most important sectors are agriculture, mining and oil exploration. Ghana is an important cocoa supplier for Europe. However, economic momentum has recently suffered from high national debt, rising inflation rates and unfavourable exchange rate developments. The investment climate has therefore deteriorated slightly.

Nevertheless, mining, IT services and agriculture continue to develop positively – also due to the goal of making Ghana less dependent on food imports. German machinery, fertilisers and chemicals, for example, are in demand. The expansion of the transport and energy infrastructure as well as the healthcare system offer further opportunities.

Economy. According to the IMF, the economy grew by 2.8 per cent in 2024. For this year and 2026, economists predict growth rates of 4.4 and 4.9 percent. The gross domestic product per capita rose from the equivalent of 358 to 2260 US-Dollars since 2003. Inflation recently stood at 19.5 per cent and is expected to fall to 11.5 per cent. National debt has reached around 80 per cent of GDP.

Population. Ghana has 34.8 million inhabitants; the population grows with an annual rate of around two per cent. Since 2002, the fertilty rate has fallen from 4.5 to 3.3 children per woman. Life expectancy was at 64 years recently (twenty years ago: 59). Around 85 per cent of the population has access to electricity (twenty years ago: 48).

Governance. On Transparency International’s latest Corruption Perceptions Index, Ghana ranks 80th out of 180 countries. With a score of 42 points (one point less than 2023), the country is ahead of countries like Hungary and South Africa (41 points each).

Sources and further information:

World Bank: https://data.worldbank.org/country/ghana

Africa Business Guide https://www.africa-business-guide.de/de/maerkte/ghana

Germany Trade & Invest: https://www.gtai.de/resource/blob/14860/a11a0d3540ddc0e8f73a2c3ec7f1ca6e/GTAI-Wirtschaftsdaten_Dezember_2024_Ghana.pdf

Transparency International: https://www.transparency.org/en/cpi/2024/index/nga