Ghana's economy grew by 5.8% in the third quarter of 2025, beating IMF projections and marking the country's strongest quarterly performance since 2019. The Ghana Statistical Service attributed the growth to a recovery in the services sector, strong cocoa exports, and rising oil production from the Jubilee and TEN fields.
Finance Minister Cassiel Ato Forson described the figures as "a vindication of the government's economic management" and said fiscal consolidation measures were beginning to bear fruit. Ghana returned to the Eurobond market in September, raising $1.5 billion at a yield of 8.9%, the lowest in four years.
However, the IMF's resident representative cautioned that structural reforms needed to continue, particularly around tax revenue mobilisation and state-owned enterprise reform. Ghana's tax-to-GDP ratio remains one of the lowest in sub-Saharan Africa at around 13.5%.
The Ghana Stock Exchange responded positively, with the GSE All-Share Index gaining 3.2% on the day the GDP figures were released. Banking stocks led the rally, with GCB Bank and Ecobank Ghana posting significant gains.
