The World Bank has maintained its forecast for Ghana’s economic growth at 4.8% for 2026, according to its October 2026 Africa Economic Update.
The Bretton Woods institution is projecting a slightly stronger growth rate of 4.9% in 2027, with the expansion expected to be driven largely by the services sector, a recovery in oil and gas production and continued gains from structural and fiscal reforms under government programmes.
The World Bank said economic activity remained strong in the second quarter of 2026, although the pace of growth moderated slightly.
“Economic activity remained robust in the second quarter of 2026, although growth moderated slightly. Real GDP expanded by 6.0% year-on-year, down from 6.6% in the same period in 2025,” the report said.
Services remain key growth driver
On the expenditure side, the Bank said Ghana’s second-quarter performance was supported by strong domestic demand.
Investment surged by 53.0%, while domestic demand increased by 11.2%, indicating continued strength in both private and public spending.
On the production side, the services sector remained the main driver of economic growth, expanding by 8.0% and accounting for nearly three-fifths of overall GDP growth.
The information and communications technology (ICT) sector recorded particularly strong growth of 30.9%.
Industrial growth also improved, rising to 4.3% from 2.4% a year earlier. The World Bank attributed the improvement partly to a sharp increase in oil and gas production.
Agricultural growth, however, slowed considerably to 3.9%, compared with 7.1% in the corresponding period of 2025. The decline was largely attributed to a significant contraction in fishing activity.
Overall, the Bank said Ghana’s growth remained concentrated in services, ICT and hydrocarbons, while economic momentum weakened in parts of the non-oil economy.
West and Central Africa outlook
The World Bank expects economic growth in the West and Central Africa (AFW) subregion to remain steady at 4.5% in 2026, unchanged from 2025.
Growth is projected to strengthen modestly to an annual average of 4.7% in 2027–28.
The report noted that the subregion’s economic performance continues to be heavily influenced by developments in Nigeria, the largest economy in the region.
Excluding Nigeria, growth is expected to moderate from 5.4% in 2025 to 5.0% in 2026, before recovering to an average of 5.3% in 2027–28.
Sub-Saharan Africa growth rises
Across Sub-Saharan Africa, economic growth is projected to increase to 4.3% in 2026.
However, the World Bank cautioned that the stronger growth is unlikely to translate into significant poverty reduction in the near term.
The outlook highlights the challenge facing economies across the region: sustaining economic expansion while ensuring that growth generates sufficient jobs, incomes and opportunities to meaningfully improve living standards.
