Ghana’s economy estimated at GH¢1.17trn in 2024 – GSS

Ghana's nominal GDP for 2023 was estimated at approximately $76.628 billion, with a per capita GDP of $2,024. The economy experienced a growth rate of 1.62% in 2023, with projections indicating an increase to 2.94% in 2024 and 4.85% in 2025.

In recent developments, Ghana's central bank reduced its key interest rate by 200 basis points to 27% in September 2024, reflecting an improved inflation outlook and robust economic recovery.

Consumer inflation decreased to 20.4% in August 2024, down from 20.9% in July, and the economy grew by 6.9% in the second quarter of 2024, marking the fastest growth in five years. Additionally, the government has announced plans for a "Petroleum Hub" in Jomoro, aiming to become West Africa's leading oil refiner.

The project, estimated at $60 billion and to be financed by private investors, includes constructing three oil refineries with a combined capacity of 900,000 barrels per day, alongside petrochemical plants and storage facilities.

If realized, it could create 800,000 jobs and boost GDP by 70%, meeting 50% of West Africa's fuel demand by 2030-2035. However, challenges such as funding and reliance on crude oil imports pose uncertainties.

These developments indicate a positive trajectory for Ghana's economy, with efforts to enhance growth, stabilize inflation, and invest in large-scale industrial projects.