Ghana's economy is expected to maintain its growth momentum in 2025, with Gross Domestic Product (GDP) forecast to expand by 5.4% year-on-year, according to Jibran Qureishi, Head of Africa Research at Standard Bank Group. This projection was shared during the Stanbic Economic Series webinar, themed "The Economy under a New Era", which highlighted key drivers of growth and structural risks that could influence the country's economic performance.

The strong recovery in 2024 sets the stage for 2025, with GDP growth reaching 5.8% year-on-year, up from 2.9% in 2023. This is the fastest rate of economic growth since 2021, and Qureishi anticipates that this momentum will continue, with projected growth of 5.4% in 2025 and 5.7% in 2026.

The mining sector, particularly gold production, is expected to drive Ghana's economic resurgence. Qureishi emphasized the sector's pivotal role, citing a notable pickup in mining activities across the country, with gold leading the charge. The revival of underperforming mines such as Obuasi and the anticipated launch of a large lithium facility around 2026/2027 are expected to significantly strengthen future economic output.

However, despite positive developments in the mining industry, other sectors are still grappling with difficulties. Qureishi noted that sectors such as manufacturing and real estate continue to face persistent headwinds. Agricultural productivity has also been negatively impacted by last year's dry spell in Northern Ghana, hampering growth in that area.

While optimistic about Ghana's economic prospects, Qureishi cautioned that structural weaknesses must be addressed to sustain growth. He highlighted issues such as energy sector arrears and fiscal imbalances that must be tackled for growth to remain stable. The revival of key mining operations and the potential for stronger-than-expected growth in 2026 highlight the resilience of Ghana's economy, but these challenges must be addressed to ensure sustained growth.

The projected growth rate of 5.4% in 2025 is a significant indicator of Ghana's economic resilience and potential for future growth. As the country continues to navigate its economic challenges, it is essential to address the structural weaknesses that could hinder sustained growth. With the mining sector driving economic growth, Ghana is poised to maintain its growth momentum in 2025 and beyond.

The implications of Ghana's projected GDP growth are far-reaching, with potential benefits for the country's citizens, businesses, and investors. As the economy continues to grow, it is essential to ensure that the growth is inclusive and benefits all sectors of society. With the right policies and investments, Ghana can capitalize on its economic growth and create a more prosperous future for its citizens.