President John Dramani Mahama has named the private sector as the main driver of Ghana’s next growth phase as the economy shifts from crisis stabilisation toward investment led growth.
Speaking at the 10th Ghana CEO Summit in Accra, Mahama launched the Government CEO Compact 2026, presenting it as the central framework for turning three years of stabilisation into private sector led expansion. Private enterprise mattered more than ever, he said, as the country moved beyond emergency support under its International Monetary Fund (IMF) programme toward diversification and longer term growth.
He told business leaders, investors and policymakers that the government would keep building an environment that supports growth, but that durable expansion needed closer collaboration between the state and private capital. “We need the private sector to complement government’s efforts,” he said, urging firms to seize regional trade and investment opportunities.
Mahama framed stability as a foundation rather than a destination, arguing that production must follow stability, jobs must follow production, and rising incomes must follow jobs to restore confidence among Ghanaians.
His remarks landed against a sharply improved backdrop. The economy grew six percent in 2025, its fastest pace since 2019, after revised growth of 5.8 percent in 2024. Inflation, which peaked at 54.1 percent in December 2022, fell to 3.2 percent in March 2026, its lowest since the Consumer Price Index was rebased in 2021, before edging up to 3.4 percent in April as external pressures mounted.
The cedi strengthened by more than 40 percent against the dollar in 2025, the best showing among major African currencies, while gross international reserves rose to about $14.4 billion by mid May 2026, equal to 5.7 months of import cover. The currency has softened modestly this year as the Bank of Ghana eases its role in the foreign exchange market.
Fiscal repair reinforced the gains. Public debt fell to 45.3 percent of gross domestic product (GDP) at the end of 2025 from 61.8 percent a year earlier, and the primary balance posted a surplus of 2.6 percent of GDP, beating programme targets. With inflation easing, the Bank of Ghana cut its policy rate from 28 percent in mid 2025 to 14 percent by March 2026, and private sector credit grew 24.5 percent from a year earlier in April, reversing an earlier contraction.
Investor confidence has returned. Foreign direct investment rose to an estimated $2.61 billion across 253 projects in 2025, up from $652 million in 2024, helped by easing inflation and a steadier cedi.
The address followed the staff level agreement between Ghana and the IMF on the sixth and final review of the $3 billion Extended Credit Facility (ECF), alongside a new 36 month Policy Coordination Instrument (PCI). Unlike the ECF, the PCI carries no financing and is meant to lock in reforms and policy credibility rather than fund a crisis, tilting the emphasis toward domestically driven growth.
Analysts say the heavier reliance on private capital also reflects limited fiscal room after years of debt restructuring and austerity. Risks remain. The Iran war has stoked fears of imported inflation and weaker business activity, while the state cocoa buyer faces operational strains tied to debt disputes. The World Bank expects growth to slow to 4.8 percent in 2026, pointing to a steadier if less dramatic expansion.
