By Hebrews Pouyeli Kumako
Ghana’s economy has recorded a remarkable turnaround, surpassing the $100 billion mark and positioning the country among the top 10 largest economies in Africa, President John Dramani Mahama has announced.
Delivering a major economic address during SONA monitored by News Volta, President Mahama described the current performance of the economy as broad-based, comprehensive, and transformational, noting that all sectors of the Ghanaian economy have shown significant improvement within the first year of his return to office.
According to the President, Ghana’s Gross Domestic Product (GDP) is projected to reach $113 billion in 2025, up sharply from $83 billion at the end of 2024, representing one of the fastest growth turnarounds in recent national history.
“Ghana’s economic turnaround is broad-based and comprehensive. Our economy has surpassed the $100 billion mark and is projected to place Ghana among the top 10 economies in Africa,” President Mahama stated.
President Mahama disclosed that average GDP growth for the first three quarters of 2025 stands at 6.1%, underscoring renewed investor confidence, industrial recovery, and improved domestic productivity.
He further emphasized that fiscal discipline has been a cornerstone of the economic recovery, with primary surplus reaching 2.6% of GDP, significantly outperforming the 1.5% target, while the fiscal deficit closed at 3.1%, beating the projected 3.8%.
“Growth means nothing without discipline. Our fiscal consolidation efforts are yielding results, restoring confidence and credibility in our economic management,” he noted.
President Mahama revealed that Ghana’s foreign exchange reserves now stand at $13.8 billion, covering 5.7 months of imports, a development he attributed largely to bold reforms in the gold sector.
A major driver of this improvement, he explained, is the establishment of the Ghana Gold Board, which formalized gold exports, reduced smuggling, and boosted officially recorded gold exports from the artisanal and small-scale mining sector from 63.6 tonnes to 103 tonnes.
“By formalizing gold exports, we reduced smuggling, increased recorded exports, and channelled foreign exchange into our economy. When the cedi stabilizes, imported inflation falls, businesses can plan effectively, and household incomes improve,” he said.
Using vivid imagery, President Mahama described Ghana’s economy as being “on the runway and in take-off mode,” urging citizens to remain hopeful and confident about the nation’s economic direction.
“Our nation is on the runway. It is in take-off mode, and you are all advised to fasten your seatbelts. The journey continues, but the direction is set, and the hope is real,” he declared.
He stressed that the government’s development theme, “Building Prosperity, Restoring Hope,” is not merely symbolic but reflects real, measurable progress being delivered to Ghanaians.
Source News Volta I Monitoring Desk
