Ghana’s economy has surpassed the $100 billion mark for the first time after rebounding from the worst economic crisis in a generation, Finance Minister Dr. Cassiel Ato Forson said as the government stepped up efforts to attract investment from Ghanaians living abroad.
Addressing a diaspora town hall meeting in London attended by President John Mahama, Dr Forson said economic reforms introduced since the administration took office had helped restore growth, ease debt pressures and sharply reduce inflation after the turmoil that pushed Ghana into debt restructuring and shut it out of international capital markets.
“For the first time, Ghana’s economy has crossed the $100 billion threshold,” Dr Forson said, adding that the country is now Africa’s eighth-largest economy.
The comments form part of the Mahama administration’s broader attempt to convince investors that Ghana has moved beyond the economic crisis that erupted in 2022, when soaring inflation, a collapsing cedi, and mounting debt pressures forced the country to seek support from the International Monetary Fund (IMF).
Dr. Forson described the crisis as one of the most traumatic episodes in Ghana’s economic history.
“Our currency, the Ghana cedi, came under intense pressure. It nearly lost its value. Inflation rose to painful levels. Investor confidence deteriorated very sharply,” he said.
The minister noted that Ghana’s sovereign ratings were repeatedly downgraded by major international rating agencies in 2022, while Eurobond spreads widened beyond 3,400 basis points, effectively locking the country out of global capital markets.
According to Dr. Forson , the economy has since staged a strong recovery.
He noted that Ghana recorded economic growth of 6% in 2025, while non-oil GDP expanded by 7.6%, the fastest pace in 14 years. GDP per capita has risen to $3,385, he added.
The minister also pointed to what he described as a dramatic improvement in Ghana’s debt position. The country’s debt-to-GDP ratio has fallen to 44.7%, achieving a target that had originally been projected for 2034 under the IMF programme.
“Ghana’s debt today has moved from unsustainable debt to high risk of debt distress, and finally now to moderate risk of debt distress,” he said.
Dr. Forson said inflation slowed from 23.8% in December 2024 to 3.4% in April 2026, while Treasury bill rates and government bond yields have declined sharply, reducing borrowing costs for both government and businesses.
The improvement in macroeconomic indicators has also strengthened Ghana’s external position. The country recorded a current account surplus equivalent to 8.3% of gross domestic product in 2025, with authorities targeting a double-digit surplus this year, according to the finance minister.
The London event was also aimed at mobilising support from the Ghanaian diaspora, which the government increasingly views as a strategic source of investment and foreign exchange.
Dr. Forson noted the increase of remittance inflows which exceeded $7 billion last year, making them one of Ghana’s most important sources of external financing. He disclosed that the Bank of Ghana and the Finance Ministry are working on measures to ensure diaspora transfers are better captured within the country’s balance of payments framework.
“We see you as an important partner. We see you as our brothers and sisters in the diaspora, and you still have a role to play in nation building,” he told participants.
The administration’s message comes as Ghana seeks to consolidate economic gains made under its reform programme while restoring investor confidence and rebuilding access to international financial markets.
For businesses, the sharp decline in inflation and interest rates signals a more stable operating environment after years of macroeconomic volatility, though sustaining the recovery will depend on continued fiscal discipline and the government’s ability to translate economic stability into jobs, investment and stronger private-sector growth.
“Ghana is open for business,” Forson said. “We welcome you. Come home and contribute.”
