Ghana’s economy exceeds $100billion mark for the first time in history – Ato Forson

Minister of Finance, Dr Cassiel Ato Forson, has stated that Ghana’s economy has exceeded the $100 billion mark for the first time in the country’s history.

He announced this on Thursday, July 23, 2026, describing the milestone as evidence of a broad-based economic recovery driven by strong growth beyond the oil sector.

Presenting the 2026 Mid-Year Budget Review in Parliament, Dr. Forson said the country’s gross domestic product (GDP) expanded by 6.0% in 2025, the fastest pace of economic growth since 2019, with momentum carrying into 2026.

“For the first time in our nation’s history, the size of Ghana’s economy exceeded $100 billion, firmly establishing Ghana as a major emerging market economy,” he told Parliament.

According to the finance minister, non-oil GDP grew by 7.6% in 2025, the highest rate in 14 years, demonstrating that favourable commodity prices did not solely drive the country’s recovery.

“Real GDP growth grew by 6.0% in 2025, the fastest pace of economic expansion since 2019. Instructively, non-oil GDP grew by 7.6% in 2025, the highest rate in 14 years, demonstrating that Ghana’s recovery extends well beyond favourable commodity prices,” he said.

Dr. Forson said the economy continued to outperform expectations in 2026, with real GDP growth reaching 6.4% in the first half of the year.

He added that Ghana’s per capita income rose by more than $850 in one year, increasing from $2,527 in 2024 to $3,385 at the end of 2025, the highest level ever recorded in the country’s history.

“It is therefore not surprising that Ghana is now recognised as the eighth largest economy in Africa,” he said.

Dr. Forson said the economic gains were translating into improved living standards, stronger businesses and greater opportunities for Ghanaians.

“These are not mere statistics. They represent higher incomes, stronger businesses, greater opportunities, and an economy with an enhanced capacity to invest in its people,” he said.

The finance minister also pointed to improvements in labour market and social indicators, saying the unemployment rate declined from 13.7% during the first three quarters of 2024 to 12.8% over the same period in 2025.

He added that multidimensional poverty fell from 24.9% in the third quarter of 2024 to 21.9% in the corresponding period of 2025.

“This simply means that about 950,000 Ghanaians moved out of multidimensional poverty in just one year,” Dr. Forson said.