Ghana’s economy is showing stronger signs of recovery, with growth improving across key sectors, but the benefits are yet to fully reach households and small businesses, according to C-NERGY Global.
In its review of the 2026 Mid-Year Budget, the advisory firm said the recent expansion in economic activity has been driven largely by digital services, transport, trade, mining and the recovery of oil production.
However, C-NERGY warned that the nature of the recovery remains uneven, with gains concentrated in sectors that do not necessarily translate quickly into jobs, higher household incomes or stronger small-business activity.
“The bulk of GDP gains are concentrated in digital services, transport, trade, mining and the recovery of oil production,” the report stated.
The firm said while these sectors have supported economic growth, several employment-intensive areas of the economy recorded contractions in the first quarter of 2026.
These included fishing, accommodation and food services, real estate, water and sewerage, and health and social work.
According to C-NERGY, this suggests that the recovery is currently benefiting government and corporate balance sheets more than households.
“The recovery is reflecting more in government and corporate coffers than it is at the household and small-business levels,” the report noted.
The advisory firm said the disconnect is visible in household income, consumer demand and employment trends, where improvements have not yet matched the pace of headline economic growth.
C-NERGY cautioned that Ghana’s economy is not yet on a fully self-sustaining growth path because the recovery combines strong performance in some sectors with continued weakness in others.
The firm said the next challenge is ensuring that economic growth becomes broader and creates more opportunities for households and businesses.
It added that sustaining the recovery will require stronger investment in productive sectors, improved private-sector participation and policies that support job creation.
