Mining surge drove Ghana’s 2024 growth – IMF backs Ato Forson’s claims

Ghana's economy grew more than expected in 2024. This growth was driven by strong performance in mining and construction. The International Monetary Fund (IMF) reported this after a mission to Accra.

The IMF mission took place from April 2 to April 15, 2025. It was led by Mission Chief Stéphane Roudet. The mission assessed Ghana’s economic developments and policy performance under the Extended Credit Facility (ECF) program.

Roudet noted a significant improvement in Ghana's external position. This improvement came from strong exports, especially gold, and increased remittances. As a result, international reserves exceeded ECF-supported program targets.

On March 11, Finance Minister Dr. Cassiel Ato Forson presented the 2025 Budget Statement to Parliament. He reported a GDP growth of 5.7% for 2024. He attributed this growth to increased activity in the mining sector, including illegal small-scale mining known as galamsey.

Forson highlighted the mining and quarrying sector as key to economic expansion.