Ghana’s Economy Seen Growing 4.8% in 2026 as Services and Energy Support Expansion

Accra, October 7, 2026 — Ghana’s economic growth is projected to reach 4.8% in 2026, with the World Bank maintaining its earlier forecast despite signs that the pace of expansion moderated during the second quarter.

The projection is contained in the World Bank’s latest Africa Economic Update, released on October 6. The Bank expects Ghana’s growth to improve marginally to 4.9% in 2027 as economic reforms, services and recovering oil and gas production continue to support activity.

The latest forecast comes against stronger-than-expected economic activity in the second quarter. Ghana’s real Gross Domestic Product expanded by 6.0% year-on-year, although this represented a slowdown from the 6.6% recorded in the corresponding period of 2025.

Services remain a major growth engine

The services sector continues to play a central role in Ghana’s economic expansion. According to the World Bank, services grew by 8.0% in the second quarter and accounted for almost three-fifths of overall GDP growth.

Information and communications technology was among the stronger-performing areas, with ICT activity increasing by 30.9% during the period. Industrial growth also strengthened, reaching 4.3%, compared with 2.4% a year earlier, helped partly by increased oil and gas production.

Agriculture, however, recorded a slower pace of expansion. Agricultural growth fell to 3.9% from 7.1%, with weaker fishing activity contributing to the moderation.

Investment and domestic demand provide support

The World Bank also highlighted strong domestic demand as an important contributor to economic activity. Investment reportedly increased by 53.0%, while domestic demand rose by 11.2% in the second quarter.

The figures suggest that economic activity remains relatively resilient even as Ghana moves through a period of fiscal consolidation and structural reforms.

The World Bank has previously stressed that maintaining fiscal and monetary discipline, improving revenue mobilisation and protecting priority social and infrastructure spending will be important for converting the recovery into stronger employment and living standards.

Growth outlook remains cautious

While the 4.8% projection points to continued expansion, it also represents a moderation from the stronger growth recorded in previous years. The World Bank expects Ghana’s economy to gradually move toward its medium-term potential of around 5%.

The outlook remains exposed to external and domestic risks, including geopolitical tensions, energy-price pressures, financing conditions and Ghana’s substantial debt and investment needs. The World Bank has also warned that sustaining the recovery will require continued implementation of economic reforms.

For Ghana, the challenge now extends beyond headline GDP growth: policymakers will need to ensure that expansion in services, digital activity, industry and energy translates into productive jobs, stronger private-sector investment and broader improvements in household welfare.

What the 4.8% forecast means

The World Bank’s latest assessment therefore presents a cautiously positive picture. Ghana’s economy is continuing to expand, but the institution expects growth to settle at a more moderate rate as the effects of the post-crisis recovery fade.

With 4.8% growth projected for 2026 and 4.9% for 2027, the focus is increasingly shifting toward whether economic reforms can deliver sustainable growth rather than simply a short-term rebound.